All Forum Posts by: Ingrid Nagy

Quickbooks is great and if you want to download your quickbooks data to Excel it takes but a few keystrokes...then you can modify your Excel for any additional info you need to expand upon.

Rich, try one listing and make your own assessment. Then you wouldn't have wasted a lot of time. I believe however Francis is right on the money. The financing guys are sitting right there like wolves waiting.....the REDC auction is geared for owner-occupant purchasers trying to achieve the American Dream with the 5% down, not us bargain shoppers.

Rich, I targeted a few in Central Florida on their previous lists. All of them were listed with the MLS. The MLS listings will put language in their listing that the "property is currently up for auction"....so its deceiving. The listing price will say $84,000 and then the auction will say minimum price $5,000. I've also found that the listings start out with one realtor for six months....they the #1 REO Realtor moves in for the kill, because they are the #1 REO Realtor.....they get the listing and simultaneously put it up on auction with REDC. I think the listing agent ultimately controls the events. If you stick to one specific target location I think you will find this as well. I also found that if you don't make your offers through #1 REO Realtor, they seem to have a way to always find buyers to outbid you "in house" by even $500.....go figure

Unfortunately in older buildings with a central boiler you will probably see the same windows open in certain apartments no matter what you do. Even with one main thermostat calibrated to kick on when outside temperature reaches 55 and then the secondary inside temperature that you set, it all depends on the boiler. Steam boilers need to build steam before they can heat. The loop branches out from the boiler into units, flows to the farthest apartments and then comes back in the return lines to do it over again. Lots of times the apartments closest to the boiler are very hot but you must maintain the minimum temperature for the farthest apartments (thus the closest ones will always be toasty warm).

I second Universal Studios....also gatorland in Kissimmee is a fascinating one. There are discount tickets around but you'd be better off just grabbing a Florida resident to purchase them.

Mike OH, you forgot to mention a few other percs....not only do they get the free a/c units - they get funds to pay the utility bills too!! and free refrigerators if they need a new energy efficient one....free daycare for the moms with the kiddies....some free food....ahhh life is good as a low income tenant.

Rich.....that is just amazing isn't it? We know that 50% of the homeowners did not all just purchase their homes during the boom.....how people can just refinance themselves to death like this juts boggles my mind.....

I was just reading the local paper in Osceola County.....a local reporter was stating that 49% of Central Florida homes are upside down (mortgage exceeding value). Orlando is at 55%. The stats say that of all sales taking place, three are foreclosure properties vs. one arms-length transaction.

Settle and find your way to bump up for the futureto recoup your loss. We had an eminent domain suit over a 160,000 SF building. It's been 4 1/2 years, lots of legals, City has endless pockets, and it never seems to end.

Like Rich I ignore cap rate too. If you see a potential for the property that's what counts. Do your due diligence properly-verify expenses, improvements, income, maintenance. If it means going into every apartment-I will go in every apartment. Verify your NOI, apply your debt service and get your true cash flow. See who generally pays late, what is your turnover rate, which tenants are not at market rate. Interview tenants as if you were a tenant looking to move into the building - talk to people on the street as if you were moving into the area. They will tell you EVERYTHING - especially the bad. Then decide if and where you can make changes that would be beneficial. Determine what changes you can make to improve that cash flow that the current owner is not doing. Cap rate is irrelevant - key is to finding the diamond in the rough.