All Forum Posts by: Michael Magbalon

@Patrick Bavaro

I have invested in this area as well but have a lot that I needed to find a reliable and decent builder that could help me put up either duplex or single fam

Thanks

Mike M

Very interested and impressed with your growth as a developer in real estate space @ George Yu

I have colleagues that recently sold another multifamily in moultrie Ga as well

i live in next town over (Thomasville) and have been looking to do more in this niche

love to connect with you

Michael M

would love to connect

@Robert Ellis Hi There Just saw this post. my name is Mike M and I have been looking into Columbus but haven’t seen much that was a “no brainer” I had worked with a residential guy who really had no contacts in multifamily Would love to talk I live in Ga and can be reached via pm Thanks Mike M

Hi guys Hi guys Just saw the post and I too am in Med field. Gut burned a decade ago with real estate but have educated myself more in the subject and am slowly getting back into it Our practice owns our building. I own a satellite office that we have practice pay NNN lease to me and I own my wife’s building. She is a psychologist and mainly cares for kids now but she has folks working in he building Almost bought a 25 unit and went through underwriting with Freddie/Fannie but deal fell through Again I am trying to get back into it after learning some lessons in last Thanks Mike M

Would love to hear what types of properties you have in Columbus ? Multifamily?

I am local investor not too far away. Can you tell me a little about property or opportunity itself?

Thank you for your input ... I will need to be more informed before I leap in as I did earlier. That’s where networking and having contacts help. I appreciate your advice 👍

Can you tell me about property ? Just curious if it might be a fit as I am looking in that general area. No idea about these guys btw

Hi fellow investors I am a level headed investor who has recently rediscovered real estate as I have had mixed luck and success in world of investment real estate. I wanted to seek the opinions of those more seasoned and more intelligent in this area than myself. Maybe I wanted to just see if I was too cautious in evaluating this deal I saw a quad come up on MLS in Indy the other night and it stated that all units were rented each about 1800 sq feet with 3 beds 1 and 1/2 baths in B area of Indy. Without knowing anything about leases other than listing stated they were all fully rented with hardly any vacancies ever.. So I felt market may be fairly hot and so I made offer that early AM after I got listing sheet that rents were averaging about 1200 unit. I would later find out that owner charged tenants around 180-250 dollars/mo for utility cost since old building and he paid for gas, water , electricity and he didnt reveal that he was really charging tenants 995mo rent and had separate utility charge that made it look like the tenant was paying all 1200/ mo in rent I Had no idea regarding his true expenses and cap rates but realized that cap rate was about 5.5% Also found out that there was a small studio in basement that could easily rent for about 550/mo and he did that to some degree in past two years Anyway once I made offer without all the numbers I came to find out there were multiple offers already made. I figured I would offer first then get all info later. DUMB So after figuring out 25% down with 30 yr am at 5.25 percent ... I would make maybe a 1000 dollars a year with property manager at 8perrcent unless I brought rents to market which would have been truly 1200 month best case scenario per multiple property managers. In that case I would have cash flow of about 10000 yr and there cap rate would move from 5.5 to about 7%. If I rented studio for another 6000 plus a year then cap goes to 8.4% Seemed like a lot of ifs in there...sorry for long winded post. 1st time I have ever made offer on quad, got into bidding war and ended up contracting above asking price (424k asking went to 441k with my best offer) This is my first post ever here and I wanted to share perhaps my naïveté and /or prudence or lack thereof in this fiasco Thanks for any and all comments

Sorry it went through before I could finish. If still available or other MF that are between 8-50 could you send to my email at [email protected] Thanks