All Forum Posts by: Lavada Lindsey

Thank you @Andrew Johnson. I do not have 6+ months of reserves, or a down-payment. I recently saw the buildings and thought why not but when I did the math (and I did it twice) it doesn't look like it will be a very profitable investment. It looks like the property will bring in $64,000/month, assuming a 80% occupancy rate = $51,000, taxes are almost $11,000/month, mortgage may be about $21,000/month, water/sewer = $6,000, if I hire help managing the property and someone to maintain it will be about another 9,000-10,000/month. This will leave me with only $6,000-7,000/month in operating expenses/profit. I just doesn't make sense when it's broken down like that. 

But thank you for your comments. I will keep your questions in case I'm looking at a multi-unit property in the future.

Hi All. I once heard on the Bigger Pockets podcast that the bigger the deal the easier it is to get funding for because most people simply don't have the kind of money it takes to do a big deal and therefore it is reasonable to seek financing for this type of deal.  For this reason lenders look at the income potential of the property rather than the applicant's finances. The other day I was browsing listings  and found a 79 unit apartment building. I've always been the type of person to think big and I started thinking why shouldn't I buy this building. But it's a scary thought. Am I too much of a newbie to tackle such a challenge? (I have only one single family rental unit under my belt so far.) Who will lend me this type of money? They did not disclose the price but I could only imagine. What are some of the other expenses I would incur if I own this type of property? I know that I would need a landscaper, maintenance crew, property manager/assistant(?), but what am I missing? What other aspects of owning such a large property am I missing? Someone please either let me know if I'm absolutely out of my mind for even thinking about this or give me some insight into how such a deal can be done?

Thank you so much for this information. I am just in time for an April 1st tax appeal deadline!

Hi Everyone,

I just purchased a foreclosed property in Camden County, New Jersey on Hubzu late last month. The property needs lots of updates but is otherwise in very good condition. As you can imagine the property was purchased well under market value and I plan to keep it and rent it out once the updates are complete. My question has to do with paying taxes on the property. I was told by a real estate agent a few months ago that many people get tax abatements when they buy foreclosed or short sale homes because the price they paid for it is well under the tax assessment. I believe he told me that the tax abatement only lasts for 3 years (but, hey, I'll take that). Can anyone offer me any advise on how I can go about applying for this type of tax abatement?

Thank you,

Lavada