All Forum Posts by: Account Closed

... I just got done with a 3 day real estate workshop and I am probably more confused than I was before going to it. ..

@Account Closed, 

... By looking at financials we were able to see their repairs and maintenance budget was HUGE, why? They are trying to tape and glue the place together and are selling rather than dealing with it, a lot of deferred cap ex stuff. ..

Gross income is changing every month.  Current gross income this month was aprox 12,500 (150,000 yearly).  Taxes are 1779 monthly 21,350 yearly.

5x10   $35 plus tax

10x10 45

10x15 55

10x20  70

10x30 90

11x30 95

12x24 120

16x40 160 raising to 175

I think the main issue is that this was a "professional" with all the tools and training that others in the same business posses.  

Those that get upset about my not having done more DD in order to verify the agents overestimation is testament to the fact that there are abuses on a regular basis.  

Reread, reread.

Best guesses should be left to clairvoyants and charlatans.  When one consults a "professional" it's for their expertise.  I guess RE agents aren't really worth dealing with if the investors have to "verify" a best guess.  Does this mean we really don't need agents at all? Seems that way if we read those who say we need to check the value for accuracy or "buyer beware".   

Think of your last 5 real estate deals... then let us know: How did you find them? 

Go! 

(I'll start: The past 5, all buy and holds, have all been MLS)

My wife and I try to answer 100% of the calls that come in.  Sometimes they go to VM, but most do not leave messages.  We return all VM asap and missed calls as time allows.  Right now we're managing that with about 6000 letters monthly.  I'm thinking we'll need to train buyers to help with calls soon so that is something we are planning for.

Just a up date on the storage business.  At acquisition we were 61% full and it is now over 91%!  Couldn't be happier.   Looking at a rate increase soon along with some facility upgrades, bollard covers and new security systems. 

I'm looking at a Multifamily here in Jacksonville advertised at an 8.3 Cap. This seems to be about a full percentage point higher than other properties that would be comparable. HUD and VA also have tenants in some of these units and the rent is "guaranteed" for those. Apparently this property is pretty good for the lender too b/c they are offering an assumable loan or the opportunity to originate a new one. Renovations were also done w/in the last 10yrs.

So why might this property still be on the market?  

Hey everyone, 

I will be moving to the Jacksonville, FL area in a month and am interested in purchasing a multi-family (ideally a quad). I'm looking for any recommendations about best locations in the Jax area/where to look for the properties. I'm in the military and will be there for about 4 years and I'm looking to get my start in real estate via the live-in multi-family method and would greatly appreciate any and all input from those in the local area.

Thanks,

Chris Porter

Hello BP, 

Long time lurker, first time poster here. I am relatively new to REI and was hoping to get a little advice. Although I am mainly trying to wholesale to rehab buyers, I have been getting a lot of responses from what we can call "disgruntled landlords" who are motivated to sell. I see an opportunity in this as my area has many rentals. Also, the low market prices here in Jacksonville open up opportunities for more cash buyers as you can easily snag a property here for under 100k.

Here's an example I am currently working on: I have a landlord that wants to sell all 3 of his properties due to recent medical problems, debt and other factors. The 3 properties are all within a mile of each other with "as is" values ranging from 90-100k. They are also all currently tenanted with long term renters who have been renewing their yearly lease for a few years now. The only repairs needed are the cosmetic ones you would expect from most rentals. The houses are also all close to a large military base which helps brings renters in. The rents range from 875-950 per house. The landlord is asking for 220k for all 3; which is a little high. I think that if I can get them to come down to the 180-190 range, I can make some money here. My exit strategy would be to assign/double close the properties to cash landlord buyers. I think I can sell each one for around 70-75k which would leave some room for instant equity for my buyers with a calculated CAP rate near 10%. Need your help, y'all. I'm curious if I am on to something or not here.

Thanks and Happy Investing!

Robert