All Forum Posts by: John Suralik

Eric Pinter Thank you for sharing! You have one more Pinterest follower. Great finishes. I worked construction before going back to college and design is a huge weakness for me and in every remodel I've done I always have one color scheme that is pretty bad. I'm getting better at inviting more design talented people in on the decision making process. In my first remodel-hold, I put brown marbled tile in the kitchen floor, dark walnut stained oak cabinets, and brown concrete countertops. Nothing pops like brown on brown on brown!!! What was I thinking? I I installed a white subway backsplash later, but the attempt was futile.

Tarl Yarber Who picked the finishing sand colors? They did a great job!

Mark Callazzo I grew up in Ocean County, NJ, before transplanting to NC. I miss the pizza!

Matt R. What are your top three tips regarding location fundamentals?

Let me preface my reply by saying I have no experience multifamily. I have a few questions to consider.

1. Are all operating costs really being reflected in the NOI and how do you know? (I read of a deal where property taxes went up 30% in a year and really put investors in a bind.)

2. Is 346$ per unit a year enough reserves in capital expenditures, which are not calculated in NOI.

3. What percentage of units are currently being rented. If close to 100% are being rented, there is not a value add opportunity there, and could vacancy rate increase? 

4. It looks to be a 12.6 cap rate, which is great in my market, but I would want to see tax returns and other proof. 

Will, I wouldn't mind taking a look at your deal and give you my thoughts for what they are worth, but I have to know more. How much is mortgage, taxes, insurance, etc and how much is it renting for. Buy and hold is a get rich slow scheme and I've hit spots where I couldn't buy my next deal because my cash was spent on the last deal. It took me a few years to buy property number three, but I held out and now I've earned 50k in house one in mortgage pay down. This opens up cash out refinance and other options. Let me know if I can help

--John

Welcome to BP! What a great and rare experience you had growing up. Not many people get to learn multifamily investing growing up. Good luck and let me know if I can help. 

@Michael Noto It's interesting that you are getting more leads from Craigslist with rentals under $800. I guess it makes sense though that tenants looking for a deal or lower cost rentals would look in Craigslist. 

Mark OGara I realized today that posting on Zillow and the like gave my three house show the legitimacy and professionalism of Zillow instead of the "I might not comeback Hun from this open house" of CL. Shaw McCavit Over 20 in 24 hrs. That's impressive! Nice work. I didn't get that many, but I have around 12 emails now and in my small market, I'm pretty happy!

@George P. Yeah, funny example with Ebay. I guess we are seeing Zillazon take over. Last year, I would get swamped with leads from Craigslist, so I was surprised that I'm not getting many leads this time from CL.