All Forum Posts by: Greg Parker

Wow, good for you. Was that 60 units on Parks Avenue? I never saw a 50 on MLS.

I don't really have a commercial lender I could recommend, but I can ask my broker if you are having trouble finding someone.

Cap rate on apartments will vary from 7 to 17 depending on the area.  Bigger cash flow in the bad areas if you can deal with the drama.

I just saw your reply.  There are several areas that will bring $750-850/month and are good solid B properties.  Look in 36117 area code and let me know if you see anything that looks good and I can get the info for you and ride by.  You can message me and send your e-mail address if you would like.

What are you looking for? 

price range,

rent range,

cap rate,

section 8,

SF or MF,

I only operate in Montgomery.

You are probably correct about the small market in Calhoun county.

@Dale Taylor @Peter Sik which PM did you settle on?  I just saw this post.  I know Foshee and Kyser are very reputable.  I have dealt with them in the past and had good results.  Also, check with Partners Realty, they have signs all over Old Cloverdale.  And, I am not sure what types of properties they concentrate on.  If you have a 3/2, I have a friend that has a small PM company.  He mainly manages his own stuff, but he does have a few that he manages for others. 

The only reputable subs that I have ever given money up front is custom cabinet builders.  It makes sense, if they are building you a $20,000 kitchen, you give them $10,000 up front so they aren't left holding the bag if you drop dead.  But, I always get a contract and receipt. 

1) Title insurance.

2) Inspection.

3) Appraisal.

Get those 3 items for CYA and pricing/renovation numbers.  Make your offer based on that.  And offer 10 or 15K less than you think you should.  If they don't like your offer, just wait a few weeks and call them back with the same offer.

Some of the commercial brokers around here are not members of NAH or MLS, but the benefits of being a member far outweigh the cost.

Ouch!  You may need to clear the lot and build a new house on it to have a chance at making a profit.  Possibly clear the lot and sell it as a vacant lot if it is in a decent area.  Talk to the fire department about doing a practice burn to lessen your haul-off expenses.  If it is a big lot, maybe it can be split into 2?

The numbers look good.