All Forum Posts by: Tyrone Williams

I have been absorbing Lance Edwards training materials for about 18 mos on and off now.. After a couple of failed attempts at acquiring an apartment rental property, I realize that I am at the point where I need professional mentoring. I too am considering using Lance Edwards based on the value of the materials that I already reviewed. 

I am a cancer survivor on SSI and intend to obtain part-time employment during recovery to afford a mentor.

If there is anyone in the Atlanta, GA, area that can recommend a local Mentor at a reasonable rate I would truly appreciate it. Otherwise I will probably go with Lance.

Mike,

If I could find a deal that was cheaper and less complex I would go for it.

Sorry, I meant to say $50,000, per building. May as well start using the proper terminology.

Benjamen,

Thanks for the advice. I am getting the financials to day. I have found our a great deal more about the rehab cost from the broker. As I speculated repairs will be approximately $50,000, for each unit. That's abut another 150,000 added to the deal. I will find a way...

 Thanks for the comment Bob. It seems to be the general consensus I need to get a better grasp on actual repair cost before speculating any further.

Thank you so much Tyler! I now have the beginnings of my research list. Thank you for the insight sir.

 Thanks Bill, that's just what I thought. My next step is to make an inspection with a ccontractor friend of mine. 

Hello,

It was recommended to me that I ask for assistance in analyzing a deal in this forum. So here are the details of my deal.

Multifamily Property -

The property consists of 33 units in 3 buildings. 

Price: $350,000
Price Per Unit: $10,606
Approx Sq. Ft.: 20,624
Price Per Sq. Ft: $16.97
Year Built: 1959
Current Rental Rates $525 / mth (avg.)

Potential Monthly Rent Roll: $15,000+

Utilities: $2,000 / mth. (est.)
Insurance: $8,000 / yr. (est.)
2013 Property Taxes: $7,000 (est.)

Utilities separately metered, landlord is only responsible for water (hot and cold)

One building is fully occupied and the other 2 are in need of renovation
flooring, appliances, paint etc. Some units need HVAC and or plumbing/electrical.

Cap rate - 10% 

Class A

GRM - 1.70

This property has been reduced from $400,000. There may be an opportunity to have some seller financing as well. The offer was originally advertised then removed from the listing when it was updated.

Any opinion at all would be greatly appreciated. If I do not have enough information or analysis please do comment.

Thank you in advance for your time and comments. Have a great day!

Hi Amanda,

Thanks for responding. I do have all the numbers and I will take your advice, it is good advice by the way. I intended to buy and Hold this property. Moving forward I would like to employ the strategy of hold one flip one. 

I'll get those numbers over to the analysis page - Thanks again!