All Forum Posts by: Mayer M.

What class is it? I would suspect it’s a D class property at best with that cap rate

He guys! Hey, Is this a good investment? Buying a 25 year old condo in a B neighborhood and including rehab costs $60k (arv is $75k+). Landlord Expenses: Condo Fees = $190 per month Property Taxes = $2200 annually Water/sewer = $1200 annually Insurance = $500 annually Income: Gross rent = $15600 annually Property is professionally and well managed. What are your thoughts on the overall investment as well as with cash vs. mortgage? Thanks

It simply makes it more risky for the bank because there is no cash flow not that that is the sole factor it’s just a big factor. If any bank will do it it will be a small local community bank otherwise Hardmoney or private money

Because there is no cash flow it is high risk. I think you’ll end up having to find private money. I could be wrong but in this situation unless you have a great track record with things like this a bank will not finance this

No you cannot call the bank as they are legally not the owners until the sheriff sale occurs which is when they take ownership. Only options are to reach out to the homeowner to try to make a deal and prevent foreclosure from occurring, but it at the sheriff sale, or buy it when the bank lists it for sale on the open market.

I’ll private message you the info

Hi Thomas, I did not list them in the order purchased. Some I ran into problems causing higher rehab costs and some I bought didn’t need anything so I was willing to make less. For example #5 which I bought for $156k and sold for $207k needed $1500 in work I ended up with $28k in net profit but from purchase to resale was 2.5 months

I did use family money at 5% interest

Easy to replace and doesn’t scratch easily

LLC