All Forum Posts by: George Voutsinos

Just to be clear on this, Gary gets the deed transferred over to him at closing?

I was underwriting a warehouse to reposition into multifamily a year ago but it didn't pencil out.  The asking price was too high and changing the zoning from light industrial to multifamily would take 6-8 months.  Is this building a historic building?  If not, you can get it registered on the historic list.  Then your project would be eligible for 20% Federal tax credit & 25% State tax credit.  Are you using a zoning attorney?  If not I recommend you do..here's why.  Even if your approval goes through without an attorney an appeal can be filed years later after your construction is completed challenging the zoning change (this is the case at least in Philadelphia).  Using an attorney makes your case bulletproof.  Is the city requiring plans and a feasibility study for the zoning change?  Have you vetted general contractors yet?  Make sure you factor in long lead time items in your build (electrical panels have a 14-week lead time right now).  Anyway I can go on & on but I'd love to connect and try to help you where I can.

 Thanks Robert, what site would you recommend for multifamily lead lists?  High equity, free & clear, etc.

Thank you @Joel Bongco!  It looks like Reonomy & Attom are what I was looking for, I appreciate your help!

What are some of the websites/resources commercial brokers use to find information on multifamily apartment building owners?   

Has anyone used PropStream?

Would the owner seller finance you the down payment?  The bank would put the seller in 2nd position so you'd have (2) loans.  One with the bank and the other direct to the seller.

Bump

Bump

I love this post.  I couldn't agree more with your crypto & 401k comments.  For the last month I've been exploring the idea of dumping my 401k into an apartment building.  Of course the numbers have to work but when I find it that's the game plan. 

Some operators are in trouble now because of how they bought years ago utilizing bridge debt, variable debt, etc.  That's why it's so important to buy right & finance right.  Not many buildings being bought in cash and not sure how many are traded but it's safe to say using debt is inevitable. Best thing to do is get fixed rate financing if you can.