All Forum Posts by: John Quiles

I got this deal on my lap and it has 176 units in Atlanta (Decatur) 95% occupied.  According to the P&L it gets around $993k on rent with about  $375k on expenses.   The buyers broker wants 4% commission pay by the buyer.  All my experience is in flipping.  I have no experience in multifamily so I'm wondering how much should I offer, how much do I have to spend before we even close, and how much are the closing costs going to be?  

@Pamela P. I live in GA but I'm from Puerto Rico and owns a property there as well.  What do you want to know?

I'm doing 6 big projects at the same time right now.  2 of them are complete and for sale, the rest are being remodeled.  The 2 that are for sale took longer than expected plus one of them went over budget by $30k.  That means there is no money left for holding costs and I know it will probably take at least 2 more payments before closing on them.  That is creating a cashflow problem.  What should I do?  Should I find another investor or ask for more money to my original investor?  What do you guys think?

@Amiris Brown I would say if it cashflow well go for it and rent it. Maybe rent it section 8 so you dont have to go there to collect rent. Or get a property management company to do that. Forget about the bullet proofing or living there. Why would you do that? Let the tenant pay for the mortgage while it appreciate and you go and pay rent somewhere else. But make sure you do it under an LLC and that you have great insurance. Last thing you want is to be liable if something so happen there.

If you want to do AirBNB you may want to stay closer to the coast.  The rents in Santurce should be pretty cheap.  You may be better off renting it for section 8 over there. It depends on the area.  This should get you a better idea of the rents.  http://www.clasificadosonline.com/Rentals.asp You can also use the site to find properties.  Hope that helps.

@Danny Carter @Maran Banta Hi guys.  I'm not a super season investor but I'm in my 9th flip my first year.  I have 4 properties that I'm flipping in the Atlanta area right now.  Let me know if I can help you with anything.  Time to stop the reading and start putting offer every day.

@Newton Hinds @Chris Payne I'm from Puerto Rico, what exactly do you guys need?  I may be able to help.

@Account Closed that's the plan.  

@Amiris Brown socio-economics and lifestyle on that price range?  Maybe on higher end properties.  But on that price range all you want to know is if there is a demand or not.  It is just a duplex, not a 30 unit apartment complex. 

@Joshua Sclafani thanks for sharing.  I checked the rents for 3/1 and 4/1 and it looks like they are renting around $1000.  Was your duplex 1/1 on each side?  Because if it was 3/1 for $400 each I'm screwed.  The numbers will not make sense if the combined rent is only $800.