All Forum Posts by: Greg Soon

Newbie here. A 7 unit apartment building that is about 125 years old, brick, Windows AC, rooms partially renovated, fully occupied.

The seller claims a NOI of 63k, which is based on 6% management fee, $2000 repair and maintenance. The rent is close to the market rate. Asking 850k. CAP rate 7.5%.

A commercial lender is willing to do 4.75% 5-30 years at 80%.

Is this a good deal, is the age of building a big factor?

This is a fascinating discussion but still over my head as I am relatively new. I just purchased my first foreclosure property with cash and now is looking to get the cash out quickly for the next purchase.

I read through every post here, and I have the "big picture" on what to do, but still not sure of the details in each step, particular on which forms I need to fill. I did find generic deed forms. What other forms do I need to fill? When I apply for refinance, the bank will typically ask me for mortgage statement, how should I prepare one? Do I need to prepare a mortgage note?

Could you create a more detailed instructions for the process for newbies like me?

Thanks

Could