All Forum Posts by: Jason Branum

Just as the title says... Trying to get organized and seriously need some software. I manage my 6 units myself and the ole ledger isn't cutting it anymore.

I was actually saying that the tenants that I know "absolutely love the place." I won't love it at all until it's paid for.

 Ok, I'll bite... Tell me where I need to be then.

I drive by this complex every day. The parking lot is full, I have friends that live there that absolutely love the place and have no intention of leaving, I am related to the developer that built it originally. I want this place, but I'm only in if the numbers make sense... I want to see the numbers from someone that has worked them. Tell me what you would pay.

Thank you all so much for this... I'm learning with every post, and gaining confidence that I can work this deal and not have it work me! Is it too much to ask for a list of questions I need to study before going to the table? Some things I need to know about the numbers... Rents... Requirements... Things that may help me figure my ROI basically. Thank you guys again. Even the criticism has been helpful.

Anyone addressing the calc I posted... I am aware that $50 is nominal. I only put it there to fill the blank. I don't know what my repair expenses will be, that's why I am here. My expense budget in my other properties is 10% of gross. (Which I have a surplus in) I spoke to the owner and he said it was easy to self manage with some software and a good goto handyman. We are pretty close on $950,000. Taxes are $14k per year. The taxes on one property included in the deal is unavailable online and I forgot to ask him. I can't see it being more than another $1000 per year. Please be patient with me folks, I'm sorry if I seem naive but these numbers don't really jive with my current properties so I wasn't able to assume much from my history. My realistic goal is to break even or make a little. I just don't want to end up upside down. At 15 years... These could potentially be smooth sailing. I am trying to base this deal on numbers, but I don't have anything to go by other than the experience of the kind folks on BP. Thanks again.

But you seem to think you: don't need insurance won't have vacancy will only have $50 in repairs don't need to budget for capital expenses can manage 20 units for free I have taken all of this into consideration in my next couple of posts. That is why I left the numbers out, to get feedback on where I need to set my parameters. I know this: (Rounded numbers) The price is slightly negotiable Tenants pay utilities except about $35/m Property management is $14k/year (optional but preferred) Insurance is $5-6k depending on provider Taxes are $14k/yr Lawn service is $800/yr. (mainly asphalt) The property is (dare I say) pristine.

Honestly, I don't know everything that goes with owning an entire apartment complex... I only have a few single family and duplexes. Property taxes are around 13k/yr. but I included that number as well. I hate to lose this place for inexperience because I know I can swing it. I Just don't want to overlook anything. I appreciate everyone's advice and support.

Well, this place is turnkey. I put 50 for repairs just to fill in the blank. I will build a maintenance budget as I do with my other properties... Just doesn't require much of one at the moment. I'm not sure about the water and trash just yet but my other place is paid for by the tenants... I would assume I have to manage the trash though because there's a dumpster on site. I can get all of my properties managed fully for $1400/m (8%) (26 units total including these) I'm not quit sure if I am going to go that route, but I probably should.

Also... What questions do I need to ask when I get down to the details? I don't want to overlook anything!

I was given an exclusive lead on a apartment complex purchase and the numbers appear a bit tight. Please help!

This is a 20 unit complex within a mile of my house... I'm committing the bigger pockets cardinal sin because at the moment my rental properties are in my name. I realize that would have to change immediately.

My bank is willing to require the bare minimum down payment because they feel that my numbers are safe conservative estimates. My concerns: I don't have an LLC yet, very little cash (only equity), and the 50% rule puts me at -$350.

The positive: there is a waiting list a mile long on these apartments and the whole complex has new roofs and tasteful upgrades (appliances etc.) it's a nice place... Very uniform identical units.