All Forum Posts by: Jimmy Warr

@Alex Craig I believe that was perfectly said.. I totally agree. I have worked with several CEO's as well. I have not found many that are truly qualified to hold that title.

@Alexander Felice Those were my thoughts as well. I am completely a peoples person BUT, I must ensure that my PM is also a "Peoples Person". I am still vetting her but so far I think she will be great. Only time will tell. I soooo up for the challenge ! @Tina Sandoval @Erik Nowacki I was heading to that meeting on Tuesday and had to turn back because of a crises at work ! I WILL be at the meeting next month, so see you there. I am also attending another free workshop this Monday 3/21 with @Douglas Skipworth . I will need all the advice I can get to be successful. I can't wait :-) .

@Douglas Skipworth Thanks... I have a full time demanding job, so self managing will not be the best option for me right now. And I competently agree with you about the new MIG group,, I have been in contact with Erik and I plan to make the next meeting..

Again Thank You both for the advice. I have something to do before this deal closes.

@Joel Owens@Stephen Akindona Got it!!! This makes sense. BP is awesome 

@Paul Thompson The Property is currently 100% occupied, all leases were expired between 1 - 3 months ago. Rents are all $300 a month totally $2400 a month. Purchase price is $55,000 and I am still pending the final report to what must be rehabbed. I plan to rehab each unit and raise the rents to $400 within the next 2-3 months.

Using a hard money lender with 12% interest, Interest only payments for 24month. I plan to have this building refinanced with my bank within 12months of the purchase.

Also, I will be using a PM for this.

Thoughts anyone ?

Okay, I was just curious why the Lender mandated this. Thanks

Thanks for your honest feedback @Stephen Akindona

I have an 8 unit apartment building under contract in Memphis TN. Property is located in a C-/D+ area but it is .25 miles from an awesome revitalized B area. All units are 2BD / 1 BA.

The Property is currently 100% occupied, all leases were expired between 1 - 3 months ago. Rents are all $300 a month totally $2400 a month. Purchase price is $55,000 and I am still pending the final report to what must be rehabbed. I plan to rehab each unit and raise the rents to $400 within the next 2-3 months. 

Using a hard money lender with 12% interest, Interest only payments for 24month. I plan to have this building refinanced with my bank within 12months of the purchase. 

Also, I will be using a PM for this.

Thoughts anyone, this is my FIRST deal  ?

Sorry this property is in Memphis TN