All Forum Posts by: Ken Williams

I am looking into a 25 apartment unit. Here are the #s:

List Purchase price- $745,000
Down payment- $90,000

Gross Rent (with 5% less vacancy)- $171,420
Less Expenses- $82, 930 (46%)
Net Income- $88,490
Mortgage/Debt Service & 7.75%- $61,896
Net Cash Flow After Debt Service- $26,594

What would you offer on this deal to make it work for you??
It is getting close I think.

Thanks in advance

Hello,

We currently had a tenant move into one of our rentals mid September. We prorated the month of September so they could move in right away and made arrangements for them to pay 1/2 of the security deposit in September, with the remainder of the security due with October's rent check.

Well, I had been gone a week and when I got home I heard from my wife that their first check for prorated September rent, and 1/2 of the deposit, had bounced. They are all moved in and the place is already a mess. There is trash everywhere, you cannot see the floor through the food crumbs and trash, driveway and garage is so muddy from 4 wheelin you cannot drive on it, etc. I went over and got the usual excuses from the people why the check bounced and told them I would give them until mid week (this week) to get the payment in with late fees and clean the place up. I found out later that night that they are all going on a hunting trip and will be gone until September 28th so we will not be getting paid.

I want to evict them and have them gone when they get back. What are my rights here if they have moved in but never payed a cent because of the bounced check. I feel they have been living there for free, and we will also have a lot of clean up to do already.

I am in the state of Colorado. My questions are?

1)Do normal eviction times apply when they cannot come up with the first initial payment?

2) What are my chances of getting them evicted and out by the 30th? We have other people wanting to move in.

3)What are my options for small claims court to get the late rent for the September prorated time that they have lived there?

4) I will be going in and taking pictures of the place wile they are not there to show the filth. Can this be used in court?

5) What else do I need to look for?

6) What steps should I use to evict under these circumstances?

I admit I messed up here and tried to rush things before I had to leave.

I do not want to get the attorney involved unless it gets ugly so I wanted to see if you guys had any experience with this type of situation.

Thanks in advance

After reading and seeing a lot of newspaper ads for rentals available, I have come to the conclusion that some of the wording in these ads must work a lot better at getting initial responses than others.

What are some of your tricks and verbage to stand out from the crowd?

Let's see a sample 3 bed/ 2 bath home listing for available rental..

I am trying to learn what to use and watch out for when using newspaper ads.

Thanks for any advice

I am debating on cashing out some equity to buy more properties or sell to leverage up. I would like to keep all of the properties and leverage as much as I can with refinancing but do not know what it would do to the 50% rule??

If you have a property that meetss the 50% rule and refinance it to buy another cash-flowing 50% property, is this a good financial option? This would mean that the first property would no longer meet the 50% rule but still cashflow a small amount after expenses.

What do you guys think of this situation? What would you seasoned investors do?

Thank you

What do you guys think?? Throw out a number for this facility!

The complex is approx. 20-25 years old. The owners are older and retiring from the biz and that is why I am looking at it. I think there can be some upside to it. I would like to look at it at the current rates and price it off of that. Do storage facilities usually sell on cap rate alone??

New to the storage complex idea. What would be your max purchase price for this property?:

Gross income: $48,240
Expenses: $9,150
95% occupancy

(24) 10x20
(24) 10x10
(12) 5x10

Still looking for a mobile home park to purchase anywhere in the country. Must have 10+++ cap with potential upside. Owner financing a bonus. Max $1.5mm purchase price.

Because of circumstances, I want to purchase and jump on something within 2 months. Show me some deals!!

Please send all info on parks to the email in my signature.

Thanks

I do not know much about assisted living or nursing homes. I have a colleague that wants to go in and develop an assisted living community.

I need to know what requirements we would need to build and run an assisted living community including:

-Licensing requirements
-building requirements
-What grants, perks, waivers can be absorbed
-facility requirements
-state/federal requirements
-safety issues/requirements
-permit requirements

And anything else that would be geared toward an assisted living facility.

Where can I find this info out? To be honest I do not know where to begin.

If anyone owns a facility or has first hand experience, I would really like to talk to you. Please PM me if this is the case. I would make it worth your while somehow..

Thanks