All Forum Posts by: James Maness

I have real estate experience in single family homes but not in mutlifamily.

I am looking at a 44 unit complex with a NOI of about $287k prior to debt service. Historical occupancy rate of 93% (last 5 years). My salary is in the 200k range. Credit score 790. I currently have 2 SFH I use as rentals. I have not made an offer, but I was looking at $2.7MM. I believe I can get the financing, but an having trouble getting the downpayment. Ideas?

Welcome to Bigger Pockets My friend Mike Cagley.  Call me when you get a chance.

First let's start with some questions. Are you going to finance the deal? If you do, no way to make the numbers work. The insurance, CapEx, and vacancy seem high. With these numbers even if you pay CASH the Cash on Cash Return is 5%.

I do not think the bathroom will add anything to rent that you get, but may add to the value if you flip it.

The 70% may rule out the deal, but you will never know until you make an offer that works for you.  If this one does not work out, there will be others.  As quoted many times on Bigger Pockets "Better to make one good deal that several bad ones."

Welcome Hector.  Looks of good information.  Use the podcasts and sign up for Webinars.  All great resources.

Welcome to BP. There is great information on BP that is very valuable to real estate investors. I would also suggest you join your local REI group. Start networking with like minded investors. Good Luck.

John,

I agree GeauxBiz.com.  Very easy to do.  

Welcome to BP

Travis,

I would focus on paying off the high interest debt like credit cards.  Is the hospital debt charging you interest?  You can usually negotiate payments terms as long you continue to pay something.  Of course the best course of action is pay off all debts, make sure that you have a emergency fund (usually 3-6 months of salary).  Then look into to real estate.  However, you have to decide what is best for you. But the best thing you have going for you is time.

Having said that, getting started in real estate is the hardest part.  The first deal is the scariest. But once you get started, do not let set backs deter you from your goal.

Good luck. 

Welcome Sean.  Good luck.  Keep on plugging and looking for ways to break in.

Larry,

I would be willing to partner with you and be "boots on the ground" if needed.  I am from the BR area and just started looking for properties to flip.

James