All Forum Posts by: Frank Gossman

I have a question: There are a lot of terriffic and very intelligent investers on this site what I would and I'm sure many other potential investers would like to know is ( How did all of you start
out with your 1st commercial family property? ) I don't think everyone on this site was born with a silver spoon. I would like to see more discussion on how the successfull investers got their start. If you can direct us newbees to the sources that helped you get started. I hope this doesn't offend anybody I just think this dialoge would be of great help. Thanks to everyone in advance !!!!!! :cool:

Thanks Jon: I appreciate your thoughts.
The owner of this prop.wants to go back
north to family.I do know from prop. rec.
he purchased it at 5/6 mill 3yrs ago.I'm sure hes anxious but his agent is greedy. So you don't think it would be a good deal to pursue? Thanks again Jon !!

Goodmorning Everyone: Ineed some of your great advice!!
units 84
pr/pr/unit $ 58,333
rentable S F $ 66,054
Pr/sq/ft $ 74.18
reroof 03
paint 07
a/c repl 90%
act/income 2009 $679,173 2008 $685,500 2007 $ 410,000
vacancy rate of 5%
act/exp. $ 283,497 this is total of all exp.
NOI= $395,716
Assum Mort=$ 3,400,000
rate=5.9
amortorized= 30yrs
yrs/remaining= 8.5
renewable
40 units=$ 629.00= 1/b 1ba
24 units= $830.00= 2b/2ba
15 units= $925.00= 2b/2ba
5 units= $1100.00= 2b/2ba

my thoughts assume $ 3,400,000 give seller $ !70,000
thats 5% of sale price. ( IF I CAN )
Sorry this is sooo long but your thoughts would be greatly appreciated. This prop. is 2 story all brick, loc:scale 1-10 ( 7 )
this is in fl. 11 mil from the beach.

Thanks again guys for your advice I will let you know what happened. Thanks !!

Hi Jon: Just to keep you in the pipe line
the deal you analysed for me above.I e-mailed the agent I'm sure what might be going on is they are up-side down on their note if this is the fact I'm going to try a shot sale with the lender. They are very very motivated.They wanted to try and go for the gold that is why the property is way over priced. She admitted that to me. Let you know what happens I'm going to contact the bank. Thanks again for your grat advice !!

Hi Uwe: Yes in answer to your question
I'm retired auto worker I'm trying to do this with very little if any money out of my pocket. Distance 30 miles don't want
out of state not interested. 40/60% as long as it can turn around I'm ok with that as long as not in battle and drug zones. Thanks for asking and haqve a great wk !!

Thanks Guys: I really appreciate all your thoughts. Problem where I'm located on The sun coast caps average 6/7%. You see I deal mainly with brokers and most of these units are owned by llc's they will not even call and say no. I keep an eye on the loopnet,and 2 other sites. Everyone I talk to want big cash which I don't have that is why I'm trying to do this creatively. Well that is enough wineing I want to thank the both of you for your advice. Thanks again and have a great wk/nd !!!

I don't want to keep bothering you guys but: Can you help with your thoughts som background. Property 10 plex purchase price
3yrs ago $ 1,995,000 on the market 2009 for $ 1,449,000 partners want out ( break up ) I asked if the loan is assumable lender says yes must quilifie. To assume the loan balance $ 927,285.00 rate
of 6.95% 2yr loan amortized 23yrs. Ok here is what I know annual
gross inc. 100% rented $ 107640,000 5 % vac.and collections
$ 5,382 other n/a taxes annual $18,000,insurance $6,483,
management $ 5,382, annual maintenance $ 10,716, utilities
$ 2,490,miscellaneous pool & sces $3,298.Oper. Exp.= $ 46,369
Net oper income=$ 61,271. I'm useing $ 200 pr/dr replacement.
When I did my work sheet I used $ 950,000 assum by 7% for 30yrs I got $ 34,000 annual dept +/-. Now the monthly rent collected comes to $ 8,790 the monthly expen come to $ 3,415.50
this does not include dept service. Now the cap rate is in the bucket 5% and the way I figure the property's value is less than what is owed I would say $ 700,000 I really think they are feeding the dragon. I believe that is all my question is to you is I want your thoughts and wise advice.I thank you in advance and I need your help yesterday. Thanks again I appreciate all your help !!!

Thanks guys but I think there is room to bring noi up I will let you know more. Thanks again !!

First I would like to thank everyone for their advise: Now I'm asking again I'm presently talking with a broker about a 10/unit building. Their are 2 fellas that are co-trustees of the property, from what she told me they just want the property sold. The asking price is 1,449,000 it is loc in a good area from what she says the problem poor management and maintenance. Rents run 995/850 rental income pr/mon $ 8,970.00 but when I went through the financials I saw no roi.Here is what I have = annual inc. 107,640 Exp 2008= 40,987.00 gives you $ 66,653 not includeing I use 10% vac and maintenance and replacement+ management+ dept service.Now She hasen't gotten back to me yet but here is what I asked her: The purchase price when bought 1,980,000 sell price as of today 1,449,000 I offered to assume the loan seller is finding out if I can,she told me the balance is 965,000 with bad man/maint. My question to all of you should I move forward on this? and if I would what would I offer as getaway money what %.If I can't assume other would be lease/option. Any of your suggestions would be greatly appreciated. If I can assume the bank would have to work with me till I can turn the property around. That is enough rambling I thank all of you and have a great wk/nd !!