All Forum Posts by: Joe Santiago

Thanks for the help everyone. I am setting up a meeting with him to get all of the details on it. If the numbers work and I can find financing for it ill keep it and enjoy the nice cash flow. If no one will lend me a dollar then wholesale is the exit strategy. Ill keep you posted

To give you details about me...22 years old, very small capitol raised so down payment would be tricky, and no proof of expirence.

I am a wholesaler getting started. I recently came across a extremely motivated individual who owns an 8-unit apartment complex that rents at 600-650 per unit. He is old and had a major surgery that doesn't allow him the time to deal with stress and maintenance of the apartment. Other multi units in the area are selling for well over $100k and after speaking with him I got him all the way down to low 30's. After doing a quick and dirty analysis:

600*8(units)=4800

4800*12(months)=57600

57600*.5(vacancies, expenses, taxes, insurance,etc.)= $28,800 NOI

With the numbers looking like this I was thinking about keeping this one but have no idea about how to finance it. Any help on the subject with be most appreciated.

Thanks for the help. I appreciate the response.

I have a house under contract for $42,000. I have a buyer that I spoke with yesterday and when asked if he was using cash or hard money, he said he would take out a bank loan. I told him I normally deal with people using private financing or cash and he said" its not a mortgage loan, I would bring you a check for the amount". Would this still work with my assignment fee in the middle?

125000 X.75=93750-20,000(repairs)=73750-Profit=Maximum Allowable offer

I have set up a meeting with a seller on his 8 unit apartment building. He is definitely motivated to sell. I have experience in SFH's but none in apartments so I was wondering what kind of documents should i ask to see. My intention is to wholesale this deal to another investor. So what documents or info must my future investor need to come up with his purchase price. Are these the documents or info the same for Multi family properties

Hey Pamela, I'm a wholesaler in the Saint Clair county area. I have few buyers in the Madison county but not enough to start marketing that area heavily yet. PM me and we can discuss helping each other out.

Ok Thanks for the info guys. I will call and see what the deal is and ill keep you posted on what happens.

I wanted to know if anyone has any experience dealing with flipping condemned properties. I spoke to motivated seller and negotiated down to a 9k purchase price before seeing the property. I negotiated based on comps in the area. I drove past the property yesterday to see a red condemned sign in the front window. What do I do now? The seller never said it was condemned. Any insight would be helpful.