All Forum Posts by: Simon Wold

Hello All,

In regards to the disposition of a LIHTC asset, does the seller pay excise tax or are they exempt from this at sale?

Thanks in advance!

-Simon

Hey-

I purchased a condo at auction and am going to need to replace the flooring in two of the bedrooms.  Anyone have a good recommendation of a flooring contractor that works in Puyallup, WA?

Thanks in advance!

Keywords: Seattle / Tacoma / Washington

@Ruth Bayang Thanks for the update!

Hello-

Anyone have a good hard money lender they would recommend?

Thanks!

Simon

Hey @Micheas Marroquin.

I always figure 10% of gross rent. If your total monthly income from the property is lets say $1,000, then I would figure 10% of that or $100 / month in management fees.  You can get management done for cheaper if you have more doors.

And we have an internet troll on BP ---> @Jack B.

Seems like anytime you post it is something snarky / rude. Could this be why you don't put any personal information on your profile? hmmm... classy

@Curtis Bidwell I was going to go to the auction this morning to watch.  Glad I didn't! The drive from Everett wouldn't have been fun just to see it get postponed haha. It looks like it has been postponed quite a few times?

Back taxes around $17k correct?  I didn't know it was on septic... that alone kills the deal for me.  I don't trust tenants, especially in that area, to not flush unwanted items down the toilets. 

From your profile it looks like we have the same REI strategy in mind. Would love to buy you a coffee and pick your mind sometime!

Have the city pay you rent to put a homeless camp there ;)

Thanks  for the information @Curtis Bidwell!

Although this property would have put me one duplex away from my 2017 door count goal, I decided not to pursue due to lack of confidence. Instead, I'm going to start searching for an off market 5-10 unit to preform the BRRRR strategy on. This will give me experience with refinancing into a commercial loan.

It will be interesting to track this one and see how it pans out.  I'm going to try calling the buyer to see if I can shadow him or her while they perform the repositioning. 

Hey All-

Came across a property today. Here is the link to my quick analysis:

It is going to go to auction on Friday and opening bid is 413k. I think the deal looks great, but would like others opinions! I have three rentals (two 4-plexes and one condo) so I have some experience, but nothing of this scale. My plan would be to use the BRRRR strategy on this one.

Is anyone familiar with financing these deals? I have private money available to make the 450k purchase cost, but would have to get the construction costs elsewhere. Could a HML be acquired after purchase to pay for rehab? Could a HML be used instead of a private money investor to purchase / rehab? Any help is greatly appreciated. I am more unprepared in terms of having my financing options available for a property this scale, but this deal seems too good to pass up!

To note:

• Property was mismanaged by new owner and led to foreclosure. See: http://www.apartmentratings.com/wa/tacoma/carlyle-apartments_253581061498499/
• 200k rehab budget may be excessive. From the reviews it looks like it is going to need flooring, ext/int paint, cabinets, upgraded entry doors, maybe windows.
• ARV will be ~1,000,000. I put 900k to be conservative.