All Forum Posts by: Isaac Fridmann

Quote from @Bob Stevens:

Quote from @Isaac Fridmann:

Quote from @Bob Stevens:

Quote from @Isaac Fridmann:

Hi BP Community!

One of my clients reached out and asked me to sell one of their multifamily properties. It's currently a vacant 9-unit building that they just renovated. Any idea how I can do a price analysis on this?

Thanks in advance!

You're a realtor and you are asking how to run comps?? 

If you're going to post a reply, why not post something that's helpful instead of criticizing? Yes, I am a realtor but I've never had to run comps on a commercial building, I'm sure you know it's very different than doing a CMA for residential properties.

Sorry didnt mean to come across that way. It just seems odd a realtor is asking how to run comps? You can do it on the cash basis and or value, I am not a realtor, and I can provide the value of any property ,SF MF in my market 

Good luck 

 Bob, as mentioned before, doing a cma on residential vs commercial is very different, and just because someone is a realtor, it doesn't automatically mean they can value any property. The issue I'm having is that there aren't any recently sold properties in the area, and the property is vacant so I can't do it based on recently sold properties or the cap rate, hence the fact I reached out to the community.

Quote from @Bob Stevens:

Quote from @Isaac Fridmann:

Hi BP Community!

One of my clients reached out and asked me to sell one of their multifamily properties. It's currently a vacant 9-unit building that they just renovated. Any idea how I can do a price analysis on this?

Thanks in advance!

You're a realtor and you are asking how to run comps?? 

If you're going to post a reply, why not post something that's helpful instead of criticizing? Yes, I am a realtor but I've never had to run comps on a commercial building, I'm sure you know it's very different than doing a CMA for residential properties.

Quote from @Minna Reid:

You will want to look for sales of other similar MF buildings. If you can find a nearby remodeled 9 unit that would be ideal. If not, you will want to look for properties that are as similar as possible and adjust for differences (# of units, bed/baths, sq ft, condition, etc). For multi's you will also want to analyze local rents and project future income/expenses to come up with an estimated CAP rate. You should price it to have a similar CAP rate as other local similar recently sold MFs. You should be able to find most of this info on your MLS/tax records, but you will probably also have to examine the documents included with the sales of MF's which sometimes include all the income/expense info.

Hi Minna, thanks for the reply! From what I see, there is only one building in that area that recently sold. It's a 7-unit class c multifamily but the units are 2 beds and 3 beds while ours are all 1 bed. How would you go about adjusting that? 

Hi BP Community!

One of my clients reached out and asked me to sell one of their multifamily properties. It's currently a vacant 9-unit building that they just renovated. Any idea how I can do a price analysis on this?

Thanks in advance!

Quote from @Sergey A. Petrov:

One to four residential is almost always based on comps not income although appraisers will consider fair rental value. A triplex and a SFH aren't really comparable

 Thank you.

Hey BP Community,

First off, I just want to say how grateful I am to this platform. While I haven't yet acquired my first property, I'm way more knowledgeable thanks to the Bigger Pockets community and hope to also be able to provide value to others. 

I'm working hard to acquire my first BRRRR property. While I'm looking at SFH, I'm also focusing on duplexes, triplexes and quadplexes. I had 2 questions i was hoping to run by the community;

1) With duplexes, triplexes and quadplexes, do you calculate the ARV with the income approach or past sales?

2) When looking at comps for a triplex for example, if there aren't any that sold in the area, can you use a 3 bedroom SFH as a comp?

Thanks in advance!

Quote from @Josh Edwards:

Hey Isaac!

I would be happy to jump on a zoom call and see what I can help you with, no charge! Investors have to stay together, and analyzing a deal correctly is one of the most important parts of investing

1) I would expand the radius and timeline (12 months instead of 6 months) of the comps your pulling until you have at least 3-5. Generally multi-family properties get lumped together via city zoning, so there should be some properties similar nearby that have sold. If you send me the address I can see what I can pull up for you as well.

2) Generally most lenders will get a rent appraisal done and unless you rehab the property into a luxury property, add bedrooms, etc. the rent appraisal likely won't be a ton different than the current rents are on the property.

3) Yes, always take the current property rents into account. The ARV is going to help you get your get your money out for the "refinance" part of the BRRR part of the strategy, but your rents might not go up at the same rate after the rehab so you want to make sure your at least close to cash-flowing off the current market rents.

I sent you a PM as well!

@Josh Edwards Thanks! I Just replied to your message.

Hey BP!

I apologize in advance since I'm sure this question was asked before but I can't seem to find any clarity. I'm trying extremely hard to acquire my first duplex. It is more than a dream of mine (cheesy, I know). My intention is to BRRRR the property so I can start building a portfolio. I've been hitting a roadblock when trying to analyze the deal. I will outline it below:

1) When trying to determine the ARV, what do you do if there are no duplexes nearby that sold?

2) Continuing from the first question, when trying to analyze what the rent will be after rehab, what do you do if there are no renovated comps?

3) If the goal is to BRRRR, do you need to take the current properties rents into account when analyzing?

I've watched a lot of Bigger Pockets videos on analyzing a BRRRR but the ones I've found haven't really explained how to come up with the ARV for the BRRRR. If you know of any other resources, I'd be extremely grateful.

I would really appreciate any feedback and am even open to paying if someone wants to jump on a zoom and do a live analysis of a property in my marketplace (I hope that doesn't violate any rules on this forum).  

Thank you again! 

@Account Closed Thanks for your reply. Is there a more streamlined way? I'm essentially looking for a reputable software that will give me updated distressed information. Propstream is a good example but the information wasn't accurate. Thank you.

Hi Everyone,

A lot of investors talk about distressed homeowners as an option for good deals. I'm sure this has been asked before but has anyone found a reliable platform that provides accurate information on distressed homeowners? I've used Propstream and found a lot of their information to be inaccurate. 

Any information would be extremely helpful!

Thanks in advance!