All Forum Posts by: Hong Lem

Thanks @Mike Wood and @Braden Smith for the input. I have been looking in the oak park area and there are some lots available. I'm sure there won't be much around next year though. 

Braden, I PM'ed you my email. 

@Mike Wood Thanks for the advice. I am currently looking for deals on land to build on. 

@Braden Smith Thanks for responding. I am looking for contractors to rehab/build new homes in the marigny, bywater, and gentilly areas. I am also looking to to do new construction in Chalmette. 

@Gina Jackson

Have you attended local real estate investor meetings? I will be attending my first one this month in hopes of finding cash buyers. 

I am considering buying land and building new homes in New Orleans. Does anyone have builders/contractors they recommend?

Thanks in advance

Has anyone used Stone bridge capital group for funding before? If so, could you share your experience? They do not have much info on their site.

This is the link to their site: http://sbcapgroup.com/ufg/

Hello, 

Has anyone here used privateloan.us, Barnettcapital.com, or frlinvestors.com for deal funding? If so, what do you have to say about them?

Thank you @Scott Hollister, I will definitely be careful when verifying all of this info.  

To address your points:

I will be asking for proof of deposits to verify prices and vacancies. 

The lawn is quite small so $50 doesn't sound too bad. 

I am also skeptical about water and trash only costing 900, but I will ask to see some bills, etc.

Hello all,

My name is Hong and I am new to bigger pockets and commercial real estate. 

I recently found a 26 unit apartment building for sale and would like some opinions on it. The seller has listed it on the MLS for $600K. The only comp I found is a 52 unit complex down the street selling for about $1.5 million (with similar rent). The complex has 26 units (16x studios, 6x 1 BR, and 4x 2 BR). The rent ranges between $400-600/month, bringing in about $11.5k monthly. All units are currently filled except one (used as storage). The roof, AC units, tiles, cabinets, etc. have been replaced in the past couple years and no major work is needed. There is also a small laundry room on the property. Tenants pay electricity; owner pays: water/trash ($900/month), lawn care ($50/month), insurance ($450/month), electricity expenses (not for units) is $150/month. Tax for the property is about $4,900 for the year.

What do you guys think of this deal? Everything looks sound to me and the cash flow looks great. Any input/tips/advice would be greatly appreciated.