All Forum Posts by: Jay S.

David,

I tried to signup but it told me I'd have to wait for an opening?

J

Why not just pull the "Rent Zestimate" data from the zillow API?

http://www.zillow.com/howto/api/GetZestimate.htm

How about an app or a website that uses the API like padmapper.com that pulls sales price and the rent zestimate and automatically calculates a cap rate based on 50-60% of gross rents equal to a NOI? Then cap rates are displayed on the map not just sales price. Thoughts? J

Hi,

I just went under contract on a 22 unit apartment building in CA. While I own numerous duplexes and SFRs, this will be my first true apartment building. In addition to inspecting roofs, HVAC, electrical, can you think of any other things I should pay special attention to? I'll also of course walk through every single unit.

My first order of business even before inspections is to get the accounting records. Most importantly I'll need to look at the "unrolled" P & L for 2012 up to 2014 year-to-date. What should I look for as discrepancies / red flags as I pour over the financial records?

thanks,

J

Thanks for all the input. I think the aspect of renegotiating a new loan every 5/7/10 years adds a new wrinkle worth discussing as 30 year fixed rate mortgages aren't realistically available for apartment buildings...

Say I buy an apartment building today with a 5 year note that amortizes over 30 years. I'm cash flow positive -- lets just say interest rate of 4% and a 7% cap on the building.

My real question is this - What if rates are up at 9% when it's time for me to negotiate a new note on that apartment building in 5 years. How is that not risky? We know rates are almost certainly going to be a lot higher in 5 years than they are today... Sounds like I have no choice but to sell the building?

thanks,
J

I already have 4 mortgages and am looking to do a 5th as a cash out refi in California on a SFR I own free and clear. I have adequate reserves but need find a lender. Can you point me in the right direction?

thanks

VENDEE FINANCING IS DEAD:

http://www.benefits.va.gov/homeloans/faqmisc.asp