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Hi guys,

I tried to look for an answer through the search but could not find one.

Here is the scenario.

We are family members.

We have a total combined equity of 100K

We are looking to buy Apt buildings 20 or more units per Apt complex.

2 of the members have excellent credit
1 of the members has poor credit but good equity( which we may need to use for down payment).

How do I set up a company in order to protect everyone?

Can you buy Apt buildings as a company?

Please help.

I already found some buildings with good positive cashflow and a good price compared to the 10X NOI rule, That range in price from 750K to 1.5M

But I think it is very importmant to start this on the right way in order to prevent problems in the future.

Thank you

Thank you I will find all that out.

Is there a standard formula to use to figure out the value of the deal?

Thanks

Hi guys

I'm considering this one.

Area is safe.

15 units, 2br each 800 sq ft, 1 bath

Rents 600 each

coin laundry in basement.

All updates are done. Needs nothing.

The asking price is 750K

Is that price good?

If not what price should I pay?

Also how much would I expect to pay for a management company?

Thanks for the input guys.

Yeah this one is a no go I think too.

Hi

A buddy who is my neighbor in a commercial building. I have a retail store, he has a mortgage brokerage office.

He has this deal he told me about.

A builder he knows has 6 brand new residential properties in an affluant part of a Detroit suburb. The average price of each is $700K

The builder wants to sell them all or individually at market price and give a check back at closing for 75K to 100K per house.

In other words there is instant equity.

Question.

.1 Is this common place?

.2 I do not have the means to acquire these at the moment nor do I have them under contract. Is 10% of the equity a reasonable fee for a finders fee?

Thanks for the welcome guys.

Im in michigan, Metro Detroit area.

I'm interested in some quick flips at first to get some cash. But longer term I' more interested in holding on to good deals, rentals.

I read De Roos's books and some Carleton shhets material, and now I'm basically hunting for a deal.

Since I started looking I spotted some potential properties.

As you guys may know Michigan is second in foreclosures so there are plenty of motivated sellers.

I tried real estate investing a few years before. I had a partner lined up who had money. When I fanally found a deal with 20K equity in it he got cold feet and I got discouraged.

Now I'm back looking for more knowledge and funding sources.