All Forum Posts by: Luke M.

No problem!

Brad Neal at renters warehouse in Des Moines. Great guy. Was an attorney for many years. He knows his stuff.

@Andrew Wong I believe one of the reasons they are selling the houses/buildings because its a bit of a gray area. 

They own the real estate their clients live in. It could seem to some that  they haven't given them  options to live where they like. In my case, I was able to provide a home for them because they sold a multifamily building and were moving towards the single family. It gets them more interaction in the everyday living. 

@Glenn McCrorey long time time buddy! Thanks to the pod cast glen was on I was able to get into the disability homes as well. It has been great. I will give you a call soon. Have some things coming up I want to pick your brain about! 

@Jennifer Beadles How have you been? We met in Dallas at one of the Real estate guys seminars. Hope all is been great! 

Code still works!

Kristy

I haven't been on BP for awhile!  I invest in the waterloo/cf and Des Moines markets. We are having a meet up April 20th downtown Cedar Falls at the Mills Race 2nd floor. Brad Neal owner of Renters Warehouse will be talking briefly and followed by some great networking! 

I have been to the Real Estate Guys events(just signed up for 2 more) I cant say enough great things about them! I have met brad and a lot of people who have benefited greatly from his group. Even had the opportunity to enjoy a drink with @Tom Lafferty in San Diego a week ago! Great times and great education!! 

thanks for the great info! @Joel Owens the property is local. I do believe tenants are responsible for their utilities. I was working with a painter today that has been in it. It sounds like it could be closer to a D neighborhood. 

I am not sure what the numbers are for the last 3 years. I am getting that info Thursday.  

The seller is building 300 new units this year. So he said he is selling the older buildings. 

Again, thanks for the education. Lots to learn. 

Any of you recommend a good book on apartment building investing? 

48 unit apartment complex located in a C neighborhood. 44 2 bedrooms and 4 1 bedrooms. 3 of the roofs are brand new and one needs to be replaced. 

Common areas of the buildings have been all updated 2014 

seller bought in 2012 for very close to $2.1 and that is what he will sell them to me under contract. 

Loan amount will be $1,722,000 (not exactly sure on the rate yet, finding out) 

seller will carry back $378,000 at 3.5 for 10 years at $3,738 

Rent income/total income   324,060

Expense 

Advertising   $390.00

Insurance $31,200.00

Real Estate Tax 49,440

Repairs & Maintenance 13,312

Utilities 17,236.84 

Total  111,189.03 

Net Income 212870.97 

I am not sure on the vacancy rate. I am meeting with him Thursday to discuss some more details..

Without some main components can I get some thoughts/advice on this deal?