All Forum Posts by: Michael Furst

@L. Pritchard

I hope I get it too and I will definitely share with you.

Apparently there are 2 other investors with offers that I may have to match.

I'm going to use a master lease agreement so I have a very small window of wiggle room. This weekend the owner will let me know if she is going in another direction.

@L. Pritchard

I am going to put a letter of intent on the property so I don't want to give any more info away. I used one of the property managers that @ Bobby Hosmer recommended me. He stopped by and did a video of the units that was very helpful and will lead to a change in my offer.

You bring up a good point about raising rents when the tenants are below the poverty line.

So much things to consider. I'll have 30 days of due diligence to come up with the best price.

Hi Bobby,

Thanks for the response. I figured 52k a unit was on the low end. It looks like you are right too about a dollar per sq foot for the rent. Which is too bad because of course I would want to raise it.

Do you have any referrals or recommendations for property managers? If I don't buy this property I intend to buy a different property in the area. 

Specifically my questions are

1. How much do 1 bed 1 bath units rent for?

2. Are there any sales comps with a 12 unit all one bedroom?

3. What are some good property managers and how much do they cost?

Hello,

My name is Mike and I am looking to buy commercial real-estate apartments 5+ units. Most of the research I have done on the area was of 2 and 3 bedroom units. But I had someone reply to my direct letters with a 12 unit all 1 bedroom for 625K. The units are small at around 440 sqft. and rent is at 475. I don't know if this is a good deal. Any help would be appreciated.

Thanks.