All Forum Posts by: JJ Lopez

Going back to docs, I have leases signed by the tennant and Estoppel statements that are only signed by the sellers (but each one listing a tennant and their lease terms) are those good enough?

@Joe Villeneuve my rent verification docs so far are Estoppel statements that were signed by the seller as well as lease docs from each of the tennants. As far as what is purchase is based on, I've not really thought to ask that question as can't anyone technically set a price?  

Thank you @Matt Leber! 

One takeaway is that as long as the property appraises for the purchase price and since I plan to buy and hold and the numbers look good, I should keep my fears at bay.   

@Account Closed should get appraisal by the 25th if not sooner. I do believe my realtor is on my side, I just know that I'm too new to this and I don't know what I don't know so I'm trying to balance skepticism and my own self education  with trust.

After several offers on various properties I'm finally under contract on a deal (yay). 

Just did inspection and am awaiting on appraisal but I have some concerns which I don't know whether to file under newbie jitters or red flag.

Property is a 4plex (1 bedrooms) in Pueblo CO was previously bought early 2018 for $140k nicely renovated (not full gut) and now for sale for $355K with apartment rents at about $3800 plus potential to rent out 2 car garage for about another $200. 

Concern is that I'm overpaying for a property and the leap from 140k to 360k should trump the potential cash flow numbers. I'm still pending appraisal but should that come in at the asking price, should I then feel more at ease with the purchase?    

My realtor has been pretty positive about the purchase but I am looking to see other perspective. 

Basically trying to understand if you were in my should what other info you would want to see,know to move forward. 

Appreciate the  thoughts on this. 

I've done the googling and networking and want to make sure I didn't miss anyone. Can multi-family wholesalers/deal makers please make yourself known so we can connect? 

Thanks!

Hi Everyone,

New investor hailing from Colorado Springs area. 

Really thankful to BP and it's community as I was totally ignorant about 2 months ago but now am in a position to make close deals on  multi-families/apartment complexes. Looking forward to connecting to anyone and everyone who may have items to discuss and I look forward to being an active and helpful force in the forums.

JJ Lopez

I live in Colorado Springs and am looking to partnering on investments. Looking forward to seeing how we can help.