All Forum Posts by: Chris Watkins

Thank you both. @James Martin, I have sent you a colleague request and would love that information. 

Looking for recommendations on a well connected commercial real estate broker with experience in Multi Family land in the Memphis TN or greater TN areas. Ideally someone who is connected with apartment complex builders? 

I have apartment complex land zoned for 300-400 units available for sale and I need the right fit for a listing broker. 

Any recommendations? 

Description: This 3043 sq. foot home has 4 bedrooms and 2 and half baths and was built in 1967. The property offers an in-ground custom gunite swimming pool, a large (.46 acres) lot and a view of the lake right out the front door. Directly across the street from Walnut Grove Lake. 200 feet from lake access (pictured above).

The Challenge: Needs modernization and upgrades. Estimated repairs $70,000.

Opportunity: Once rehabbed, this property could sell for $330,000, properly marketed.

Financial Summary:

Purchase Price: $ 170,000

Renovation: $ 70,000

Total Costs: $ 240,000

Sale Price: $ 330,000

Gross Profit: $ 90,000

MOVE FAST FOR THIS OPPORTUNITY!

For More Information Call: 801-592-4072

Ask for Vernon Castleton

Price: $1,800,000

Terms: Cash, Owner Financing, JV, Trade, flexible for the right offer

Rare Multi-Family development opportunity in Memphis TN. 11.85 Acres Zoned RU-3. Previously had 250+ MF units on this property (can build 300-400 units based on current zoning). Drives, parking, utilities are all in place. Located near major roads, public transportation, schools, established residential areas as well as employment.

Loopnet Listing: https://www.loopnet.com/Listing/1221-S-Willett-St-...

10415 Crimson Drive, Hayden Idaho 83835

Fantastic family home with long term owner financing for the next 30+ years
If you want to invest but don't qualify for a conventional financing this is your chance!
2,107 sq feet. 4 bedrooms (4th is framed in ready to be finished)
3 baths, 2 car garage, fenced yard in a cul-de-sac
Long term seller finance for next 30+ years
Located in a fantastic neighborhood with great schools!
1 mile to Hayden Lake & Avondale Golf Course. 

Just outside of Coeur d'Alene Idaho. Great vacation destination (30 miles from Spokane, WA)
This house is not available for showings until the first week of November, however, we will entertain indications of interest now. Given the length of the owner finance, we expect a great amount of interest in this home. Please do not disturb tenants.

Please feel free to call or text with any questions you may have (text for faster response).

801-477-7650

I have a 196k Note + 50k cash with a 1031 accomodator. I seller financed the collateral property to a solid buyer who put about 25% down payment ($63k!) earlier this month (July 2017) - so only 1 payment has been made by buyer so far. Very little seasoning but strong collateral. I'm looking to do a 1031 exchange it into another opportunity. I am not area bound but I live in Utah. I can add an additional 100k or more cash for the right deal. There is an underlying mortgage of 147k on the seller financed note - how we deal with that is negotiable. 

Monthly net cashflow on the note is $331 (seller financed note pmt minus underlying mortgage pmt). Balloon term of the note is 2 years with prepayment penalty of 5k before then. True note yield is 8.26%. The A+ collateral is a completely rehabbed 4 bed 1.75 bath single family residence in West Jordan UT just a few blocks from a HUGE shopping center and right off of Bangerter Highway making it just a 10 min drive to the Salt Lake City Airport. 

About the buyer: This buyer was hoping to pay off the note within a few months but I didn't want to incur more tax so I put a 2 yr prepayment penalty on it (which you could opt to waive). The balloon term of the seller financing is 2 years (July 2019). 

Essentially, I'm looking to exchange this note and cash (with possibly more cash as boot) to another opportunity. I do rehab, fix up, and solve problems. I'm young, mobile and active. 

I looks like last year Home depot came out with allure ISOCORE which is apparently different from Allure Ultra. I have experience with putting allure ultra in a rental, but not isocore. Considering doing it. Anyone have experience with it?

Thanks for the input @Chris Low - I would be adding a bedroom downstairs to the basement unit. It would all be on teh same level. I am really hesitating because of the issue of the small entryway. Don't think someone could move in a queen bed in the basement if I took out the 2nd entry in teh back of the unit. 

Thanks @Matthew Olszak, a conservative increase in rent would be maybe $125-$175 for the added bedroom. 

 It's a separate basement unit and the 2nd set of stairsI want to remove are to the current common laundry area. The new bedroom would cut into the stairs for that common area. I want to convert the shared laundry and storage area to 1 bedroom and laundry for basement only. I would use the existing stairwell for an upstairs stack-able laundry closet. I wouldn't want to keep the 2nd set of stairs if I added a bedroom to that area unless those stairs were only accessible to the basement. This would be possible except it ruins the idea of use the stairwell space for the upstairs laundry area...

Thanks @Carolina E. for your input. 

@Steven J. - I had the city inspector in the home early this week for the upstairs unit and he looked at it and said I was good to go. But you make a good point regarding the hassle... It's a tough decision because of the extra income but also the forced appreciation potential as well. Hard to resist the option which is why I posted here. 

Thanks again for taking the time to provide your opinions.