All Forum Posts by: Adam Gerig

Ludovic I'll send you an email with more specifics.

So here's the deal.  I just bought 7 properties from this family up in Fort Wayne.  They have a sister who now wants to sell her place in Muncie, IN.  I don't want to manage a property 75 minutes away, but also don't want to miss out on the deal.  If anyone in this knows of anyone actively investing in Muncie please let me know.  I've got pictures of the home it's really nice.  This has to be a 15-16 cap at minimum I don't know the Muncie, IN rental market as good as Fort Wayne, but have to assume this would pull between $500-600/month.  It's 10 minutes from Ball State University.

Don't need a wholesaler need someone with cash who can close quickly.  I don't want to tie my money up and like I said I don't want to own property 75 minutes away from my home.  If you know of an investor, property management company, etc and can point me in the right direction would be much appreciated.  Thanks!

Fund managers, private equity, or investors looking for turn-key properties? Look no further than one of the hottest real estate markets, Fort Wayne, IN. $250k for 10 homes of which 7 are currently rented at $3,050 and the other 3 that are not have rent guarantees until rented. Management in place or self-manage.  Think there's a lot of opportunity as well on the 2bd/1ba units as several are under market rent.

Coming over Michael!

2009 Randall has been sold....The other 4 are still available as a package.

Hello all.   This package is a grouping of 5 properties of which 2 are rented one is being rehabbed and the other two will be rehabbed prior to the sale of the properties or purchaser can close and will get rent paid by seller(me) until they are rented.

2009 Randall - 4bd/2ba **RENTED SEC 8** $700/month

3123 Winter - 1bd/1ba **RENTED SEC 8** $425/month

3232 S Barr St- 3bd/1ba Will rent for $600-650/month

1201 Oxford - 3bd/1ba Will rent for $575-650/month has attached garage

3526 Smith - 3bd/1ba Will rent for $575/650/month has detached 2 car garage

Gross potential rents $2925-3125/month. If closed prior to units being rented I will pay rents for vacant units until rented(low range). Priced at a 12% return based off 50% rule using low end rent range. Selling as a turn-key package with management in place at 10% of gross rents.

Must be a cash buyer.  Not looking to spend the time to get this deal financed.  Management in place at 10% of gross rents.  Using 50% rule selling at a 12 cap.  Price per door at $25,000.  Mixture of 2bd/3bd/4bd homes. 

1201 Oxford- Corner lot with aluminum siding and vinyl windows 3bd/1ba with attached garage. Needs carpet, paint, furnace(someone stole it), and glass for 3 windows. Rehab should be $3-6k depending on if you're doing the work yourself. Will rent all day for $600-650/month fixed up Asking $23,500

3526 Smith St- On an alley. HUGE 2 car detached garage with stack in roof so it can be heated. Need to fix flooring in living room, had a leak in dining room from upstairs bathroom so it'll need fixed, have to look at electrical panel possibly down in basement. Has BEAUTIFUL hardwoods throughout entire home. Cosmetics and this baby will shine. 3bd/1ba with 2 car detached estimating about $3-5k in rehab will rent all day for $600-650/month and twice on Sunday.   Asking $23,500

**REMINDER** I am willing to rehab these properties for you if you want them turn-key. You can negotiate that into the contract as I have done this with other buyers or buy as-is and do the work yourself and save yourself the money!!

If you would like to see the video walk-thru of each please PM or reply and I'll email you the YouTube link of the video walk-thru of each property.  Property management will charge 10% of gross rents collected

Net operating income last year was $2,108,139.  Current price tag is a 7.9% cap rate, but think you can buy closer to 9% cap.  At a 9% cap rate cash on cash return on a 30 year fixed loan at 5% interest would be over 20%.  I've got the financials and on top of helping you purchase am a certified apartment manager with over 12 years of experience in multi-family housing.  I think numbers could be better as some administrative costs could be saved as well.  

If you have $4 million to put down now is the time to put your money to work.  Definitely some value add opportunities with this property as well.  PM for details.  

If you're dealing with 1-2 move outs a month on 20 units you're doing something wrong.  If your place is nice, the price is right, what incentivizes a person to move out?  I would not work for free, but if you are self managing you are essentially paying yourself are you not?  If one was smart they would have a management company in one llc and an llc that owned the properties that paid the management company.  The property could technically not make any money and it would still be a good deal why???  Because you can write off depreciation on your taxes and maybe your management company would be taxed at a much lower tax bracket.   There's a lot of ways to do it.

That being said I wasn't asking for opinions on this post it's a for sale forum meaning if you like the deal ask for more information if not then move on.  If I had posted this in a newbie forum asking for an opinion on this post it may have been warranted, but i did not.  I'm not one to pick fights, but I'm also not one to back down from one either so if you're wanting to drop opinions on stuff maybe you should go to the regular forums and stay out of the marketplace.