All Forum Posts by: Josh Quant

Thanks Joseph for the great advice.  I appreciate it, I will use definitely be using some of those tactics.  One bank I met basically told me to do what I could with concessions and they would help me because of a decent track record with all my other properties.  I like the setting of the closing date to max what you get in rents at closing - great tip.  Thanks!    

Hello BP,

Getting close to buying a 2 property deal with 11 units.  The numbers work for me, I have financing lined up and the seller and I are pretty close (10k away was his last counter from mine).  My question is I really do not want to put up all the cash for the full 20% plus all the other closing costs for the commercial loan.  I am wondering what you other investors have done to limit your cash outlay at closing by potential getting the seller to help with some of these costs or other strategies used.  I really want to hold as much cash to help finance other deals I am working on.  Thanks in advance for any insight!

I own some properties in the falls, I would be happy to assist you if need anything send me a PM. 

I agree I don't like how tight I would be on cash early on which is one of my main concerns.  This brings up the question would using private money and the commercial loan be a viable option?  Should I look for private money for the entire deal? 

Hi Percy

10% vacancy, 10% repairs, 10% property managment - actual taxes/water sewer on the 2 properties and educated guess on the insurance and water sewer.  I am still waiting on verified rents. 

Hello BP,

I have a few questions about a couple properties I am looking to purchase and any help would be appreciated, as this is my first "commercial" multi-family I am looking to invest in.

Here is the situation:  I have one owner looking to sell 2 buildings a 5 unit and a 6 unit.  The apartments are in rough shape, but all but 1 apartment is rented.  The two buildings gross about 5k and I believe with rehab I can get rent up to about 6k per month.  cash flow with 25% down and 20 amort with 10 year balloon on both properties is a conservative $2,250/month.  My real issue comes to the cash I would need to put down.

The properties are listed at 250k for both and I can get them for 200k, but when you add in closing costs say 10k and min 50k down I am a little skidish because I don't want to drill my cash reserves.  My other issue is that these leases are month to month and I think when the underwriters get ahold of them they might require more down.  I have the cash to cover that and initial repairs (approx. 15k to start and then I would cash flows to improve properties for first year or so), but the well would be pretty dry after that and I have other projects I would like to do so I don't want to use my cash.

I would love to hear opinions - or what others have done.  Lastly, I want to hold these long term...

Thanks in advance

Josh  

Sounds good.  I look forward to meeting more real estate investors in the area.  I would love to participate.  Thanks!

Hi Mohamad,

I have a few properties in NF.  I would be careful about the areas you invest as one street may be good on one end and brutal on another.  Overall if you are in a decent area you can get pretty great returns.  I don't know what type of properties you are into, but there are a lot of opportunities in the falls.  Let me know if you need any help.

Hi BP,

Just joined BP and looking forward to be an active member on the site, I have been investing for almost 15 years in real estate,  but didn't do much for the past 5 years since I had some kids.  I am really looking to do more deals and have done one in the past 3 months and have put offers on multiple properties, but I am a total value investor so I don't expect to get every offer I put in.  I look forward to networking and talking with like minded individuals on BP.  I hope I can add value to the BP community as I have already gotten value from BP.

Looking forward to hopefully building some quality relationships.  Thanks

Josh