All Forum Posts by: Robbie L.

Like I said, looking all over country. I have no niche, no history, so I'm a little confused. Established property that's already run well. Ohio, Indiana, Oregon? I'm thinking C building, C neighborhood. I'm reading books and looking at properties on Loopnet. Looking for partner with 400-500k (to match mine) who knows how to find and finance properties. I know how to market them, and have experience running a business. If you can think of any good books, or what you'd do in my situation, pls let me know.

I'm planning on buying my first multifamily mid size in the next few months. 

I've been searching on Loopnet for garden buildings in the 3-4 mil range. 

I'm interested in already stabilized properties and COC of 11% or better.

I have time to dedicate and travel as needed, so i'm looking all over the country. 

I need a roadmap and a spreadsheet. God help me. 

Thanks!!

Cool. Let me ask then, is there a "terms/rates" that is standard? I'm guessing there are many scenarios under the sun, but I'm only considering me. For my goals, my budgets, my situation, is their a likely term/rate that I can just kinda go off for a first blush run thru in my mind, like assume a 1.2 debt service ratio, or is that a no-no...do I instead take each listing as a completely separate mortgage scenario?

So I love the 50% rule for scanning listings prior to modeling them in a spreadsheet. I understand that the NOI is the money left after expenses, before debt service. I find myself wishing I had a conservative rule of thumb for debt service guesstimate as well. Is there one? If not, why not?

So I love the 50% rule for scanning listings prior to modeling them in a spreadsheet. I understand that the NOI is the money left after expenses, before debt service. I find myself wishing I had a conservative rule of thumb for debt service guesstimate as well. Is there one? If not, why not?

I don't have lots of cash at all, only the naive belief that I can raise it when the time comes. 

I'd rather start big, but I'm also open to any kind of deal. My issues mentioned above 

probably apply to anything that involves due diligence. 

I may also buy and flip a house. Thanks for all the friendly tips & good vibes.

thanks everyone

Melissa, I'm thinking of putting 500k down. So if I can find a partner we'd put a million together down for a 4 million prop, give or take. Alone I'm looking for 2 mil prop. Thinking more in terms of cash flow and less about ROI. I'll be zeroing in on buildings that with no appreciation still feel like wins with 10-15% COC per year for next 3-5 years.

I've hunted down a few listings on Loopnet and even had some conversations with brokers. With no experience or guidelines (beyond general) its hard to figure out how to understand and verify the expenses. For instance, on a 130 unit building close to 4 mil, the insurance looks very low at $10,000. The on-site payroll is 60k. That's to name a few, and realize, I'm at the point where I have no experience what these numbers should be. Even if accurate, I'm weary about dirt cheap insurance or skeleton crew staff. So much to know and verify. The COC is 16% if run like the previous owner runs it, but it's tricky. And I'm looking at many properties -- the brokers send all the info but in the end it's hard to know what to do. I can't share all the details here b/c of CA signed. So I'm trying to figure out how to use BP.

I'm looking for B or C building in blue collar neighborhoods

with positive cash flow out the gates.

Not limited to any city or state.

Something in the range of 80-120 units

Looking for a partner to split the down payment and responsibilities.

Hi I'm Rob and I found this place from the podcast. 

I'm new to real estate investing. (Other than buying and selling my own homes.) Buy & hold multi-family building is first on my list. I have a relative who does it full-time who's advising me a little. I'm hoping BP can fill in the gaps & be a fun place to read, post and find colleagues. I have no idea what to expect, what to share & not share, & how much is too much. 

I'm reading Buying & Selling Apartment Buildings by Steve Berges. Seems to be a good springboard for research. Likable but long-winded, I'm editing and cutting 35% of the verbiage as I read. Old habit.