All Forum Posts by: Gabe Sirkin

Ok, here is my situation. I'm a first year commercial real estate agent and work 100% off commission. No 2016 Tax return because I was a senior in college. No pay stubs or w-2's because I'm 1099 commission. 

I have 15% cap CASH-FLOWING 4-unit under contract. According to the contract, I have until 1/5/18 to find financing. Every bank I spoke to says I need previous year tax return or pay stubs or w-2. By the time 2017 taxes get filed, I'll be way out of contract (mid February). 

Any advice? Should I approach the sellers and put more money down until I file my 2017 return? Or are there any companies out there that would give me a loan in this situation? I plan on refinancing in about a year regardless. 

Does anyone have a standard simple purchase contract they can share for a multi-family property?

I'm struggling to find actual examples online. They all just explain the main points of a real estate contract. I would love to see some of your guys' contracts that have been used in the past. I would like to see something talks about rents, building inspections, income and expense documentation, occupancy and land use and special conditions (we agreed to remove one of the tenants upon transfer).

Any direction helps! This is my first property that I'll be putting under contract, and I haven't found much help from lawyers. They want me to prepare it and send it over for their review.

So a good friend and I want to go 50/50 on a rental. We would definitely form an LLC and have already consulted attorneys on operating agreements.

I want to ask the BP community on your guys thoughts on how it would be set up.

I live in Pittsburgh where the property would be, he lives in NYC. Realistically I would be managing the property. If we go 50/50 on the profits, equity, etc. how does it work for management? Should I be getting more equity or just a management fee? I'm also finding the deals and negotiation pricing. He does more the accounting and. umber crunching.

Hey Guys,

So this would be my first rehab. I could pick up this duplex at an absolute steel, and could probably rent this out once finished for about $750 3BR unit and $650 2BR unit. My bank will give me a 10 year 6% rehab loan at 90% of rehab costs. 

Where do I even begin to price this out? Do I have a few general contractors walk through and give me estimates? 

Can any body give me a rough idea of what I'd be looking at in rehab costs? It's in the ghetto so just want to make it in rentable condition. Nothing fancy what so ever, I plan on doing the minimum just so I can rent out. 

Any advice would be great.

I was looking for one my self history ,in general and I found this. Very helpful to get started and easily customizable.

https://www.biggerpockets.com/files/user/kidsalot/file/property-inspection-checklist