All Forum Posts by: Justin Bird

Thanks Uwe that was a great post!

I found out some more info before I read your post Uwe.

Here it is...

taxes are indeed 1400/yr
Occupancy is 80% but would guarantee 95% for 3 months at purchase price of 1.7million.
NOI is 175k
Assumable loan is approx 1,175,000 at 6%
13 one bedrooms
1 two bed two bath
and the rest are studios.

It is located in Kansas City on the Missouri side I believe.

I will get clarification on the property taxes.

What other questions do I need to ask him?

What I quoted above is all the info that he sent me... When I read it I knew it wasn't enough but since I've never dealt with Multi units I don't know what I should be asking.

Keep asking me everything that you would want to know.

Ok so I have a gentleman that wants to sell his 45 unit apt complex. I need to know what kind of questions that I need to ask him so that I can answer buyer's questions. I've never done large multi units before what kind of numbers should I be looking at? All help would be appreciated.

This is what I know so far...

"I have an apt building on 30th and Harrison that I would be willing to trade towards some rental homes. The building is 45 units, with a mix of studios, one bedrooms and a two bedroom, two bath. The building also has a very large paved lot next to it that could be possibly built on to accommodate a large number of units. The building may be historic as I understand there are tax credits available for it. The property taxes are currently around $1400/yr. The income is around $256,000 or so per year gross. The building is separately metered, so that could be passed on to the tenants if desired. The loan can be assumed, and, we would be willing to carry the second as well with cash or a trade of rental houses as the down payment."

He is interested in SFR's instead of multi's let me know everything that you would want to know about this property if I were wholesaling it to you.

Any input would be greatly appreciated!

Oh and if this is something you are interested in please PM me.

Thanks

Happy Birthday!!!! Mines Sept 18th. I'll be 26 and look it. LOL!

wait i just re read your post and it says lineal descendants... "lineal descendant
n. a person who is in direct line to an ancestor, such as child, grandchild, great-grandchild and on forever. A lineal descendant is distinguished from a "collateral" descendant, which would be from the line of a brother, sister, aunt or uncle.".... correct me if I'm wrong but an in law could loan to me or my business correct?

Great information Will!!! I've been talking with my relatives about this and it sounds like they can't loan to me... :cry: bummer... good thing i read this first.

Thanks Dennis,

I already knew how to search in the county records for individual loaners. I'm glad you posted, You answered my question as far as what kind of marketing he provides you with to sell yourself to these people when you cold call them. Thanks for saving me $$$.

Nick,

For rehabs, but I may not need them if I can make what we have been talking about work.

For us Newbs out here, how do you find the free resources? Ask the court house for a list of preforeclosures?

Thanks, Nationwide. I AM referring to private money NOT hard money.
But still, my question is how do I approach cold calling PRIVATE INDIVIDUALS, that I have a name for, whom are complete strangers? I don't want to botch the call when I make it. I would like to introduce myself and open a line of communication with them before I actually have a deal.
Is it your guys opinion that I should have a deal, organize the deal to show the individual how good of a deal it is and then call them? I really would like to know that they would even lend me money before I negotiate a deal. Am I being to cautious?

Thanks