All Forum Posts by: Lavada Lindsey

@Christopher Giannino , you made a lot of really good points. I also thought about turnaround rates...etc. We are definitely in the due diligence phase, so, I guess I'll have to see what the say and if it makes sense.

Hi All!!! I have been searching for a multi-family unit (easier said than done). I found a contender; it's several multifamily buildings being sold as a package deal. However, there are a lot of 1 bedrooms within the unit. That seems fine to me because I know there is a market for that--young singles, young couples and even possibly single mothers with one child. When I was a young single woman all I looked for was studios or 1-bedrooms. But my husband doesn't like the idea of investing in so many one-bedroom units. I would love to hear about other's experiences with 1-bedrooms vs 2 or more. What is your preference?

@Jim C. , thanks for the advice. I'm an agent in NJ; the houses are in DE. So, contacting the seller will be my next step.

@Russell Brazil , wow! That hadn't crossed my mind. It's been on the market for over a year. Maybe you're on to something. 

UPDATE: Well my agent spoke to the office manager for the broker and she told her that the houses are still available...but the owner is difficult to deal with (whatever that means). That doesn't explain why the agent has been unresponsive. A simple text with a brief update would be better than no reply at all. I would think he would try to get him out of his hair by actually trying to sell the houses to me if anything. Anyhow my agent explained to them that I am a serious buyer and was told that the agent will be contacted and informed. I guess we'll see what happens. In the meantime, my agent said that she has word about another seller selling all or part of their portfolio. I'm also waiting for more information on that. Wish me luck!!!

Thank you @Brian Pulaski and @Bob Okenwa . This is unreal. I cannot believe that he is ignoring me. In the back of my mind I'm thinking maybe he's trying to raise money to buy the property himself. Who knows. Anyway, I will take your advice and reach out to the broker to try to get things moving.

I recently found a package deal for sale (13 duplexes). The numbers work and I am excited about pursuing this further. I spoke to the agent about 3 weeks ago, he said that he would arrange for my husband and me to see the units and get back to me. I haven't heard from him since. I've reached out several times via voicemail, email and text messages. When he didn't respond I thought it would be a good idea to get another agent involved, so, I did. She has since reached out to him and he hasn't returned her calls either. She tried to schedule a showing in the MLS, and he rejected it...so, he is still alive. My lender is interested in seeing the rent rolls and the trailing 12 expenses, we are interested in seeing the units and making an offer, but I'm at a standstill now.

Does anyone have any idea why an agent will be uninterested in communicating about a property that would result in pretty big commission check? At this point do you think it is a good move for me to reach out to the seller myself (I've found the information on the tax records)? Does anyone have any advice about anything I can do in this situation?

Thank you!

Hello. My husband and I have been investing in real estate for a little while now. We flipped our first property and are now at the tail end of a rehab that will be a rental. He recently found a great commercial building (4 apartments and 1 store front) for under $250K. The best part about it is that the owner is accepting seller financing. It's certainly something that I'm excited about taking on but he's starting to get cold feet and doesn't think our first multi-family unit should be a commercial property. He says he doesn't want to deal with attornies and the insurance, etc. 

Can people please give me your feelings on this? Is it really difficult/expensive to deal with commercial properties? Do you think it's something we should hold off on? Or should we go for it? Does anyone have any advice on next steps (actually first steps)...etc.

Any information and knowledge you can share with me will be greatly appreciated.

Thank you,

Lavada

Thank you, Ned. So, if it's a typical contract seller will be responsible for costs incurred before the sell of the property. But after reading this I am going to be extra careful when reading over the contract.

Thank you Tom!