All Forum Posts by: Juan Vargas

Just curious to know approximately what % of your net worth you guys have invested towards multifamily vs any other asset class or business. 

Without knowing more detail, generally expenses will run close to 50% plus or minus 5% of income. Like you mentioned, each property and each market will vary. 

You ideally would want to get a few bids from different general contractors and compare the extent of renovations of similar properties and the rents they are demanding. Typically it ranges from $3,000-$10,000 per unit depending on how large the property is. 

@Daniel A Lee Kim You could reach out to Kevin Bupp. He specializes in larger mobile home parks in Florida. He may be able to point you to a lender. 

@James Kendall, yes adding a hypothetical property into a report is a great way for owners to see it and visually compare it to the property they own. Another way is by adding a bar graph which demonstrates the capital lost  when they weren't run properly and by showing the potential value they could have had and traded for. 

It is not likely commercial lenders will allow you to acquire a property with none of your own capital as they typically want you to have "skin in the game". Having said that, it might still be worth pursuing and contacting many banks if the owner is willing to be creative.  

Another option you can explore is to bring in a partner that can provide some of that capital that banks may require. 

I think your best bet is to submit an offer at the price that works best for you. They most likely won’t accept at this time but situations change and they may turn to your offer later. 

@Jocelyn Canfield I know this may not be what you want to hear but it is highly advisable to focus primarily on numbers when analyzing a property. In this case you may be at -$2500, you should always do your best to acquire properties that are cash flow positive as they can become a burden otherwise. 

In addition, like @Russell Brazil mentioned, you may not be able to live on the property if it is zoned commercial. 

That's definitely a great idea. But I agree with @Gino Barbaro in you should add pics. In addition to that, you should add bar graphs that back up your article. People like to visualize and want to see facts, helps them make decisions easier. 

I know the original post was from 12 months ago @Christopher Anello. However, if you are still looking to house hack make sure to listen to http://biggerpockets.com/show196 as they guys discuss the tax and 1031implications of house hacking. It starts around the 24 minute mark if you'd like to listen.