All Forum Posts by: Michael Newman

 Nick 

All great ideas I'll use. Thanks. Are there places to get some initial numbers online maybe without that heavy due diligence just as a way to practice analysis?  I don't want ask for too much of people when I may not be really interested in the property, and just practicing skills. I find the info on loopnet etc is very thin for practice purposes. 

I am looking at 15-25 unit buildings.  Hoping to find a broker who can provide expertise in the area and typical Cap Rates for like buildings, avg maintenance/repair costs and operating expense.  

Bryce,  

 Do you have any thoughts on the Ghent/West Ghent area of Norfolk? Or know of a good commercial broker who is an expert in the market for apartment buildings in that area?

 Sorry, should have mentioned property type.   Interested in multi unit, over eight units.  Probably not larger than 20 units. 

Hey all, 

Wondering where people go to find  Real estate deal financials so that I can practice deal analysis  using real numbers. Are people just taking what they can find from LoopNet, or other sites? Which sites do you think are best? 

 Thanks for any suggestions. 

hit the button prematurely. McEnearney is the firm. Very happy so far. 

I have a single family home under management and its 8%.  So far the firm has been great if you a recommendation. 

Bob

Understand what your saying and I could be wrong  since I am new but in this case it has renters but 14 units are vacant. I would run the numbers on the occupied units and not using pro forma numbers when estimating a price to purchase. the vacant units looked bad from the photos so not getting $ from them till renovations.  My logic may be off but I would pay for the actual past performance not hopes for the future.  If he can't get them occupied after Reno then his negative cash flow will be even larger.  Welcome any corrections if my thought process is flawed.  Thx  

I'm new at this but looking at multis and the first thing that caught my eye was the pro forma numbers. Is the seller basing his price on this pro forma? You should base the price on its current financials not pro forma. That would be paying the seller for the hard work and investment you will be doing. What is the current NOI, Cap Rate? I also reviewed the photos and I wasn't sure the cap ex included landscaping etc.. I think you need to greatly enhance curb appeal too to get renters in the door. 2 cents.

 Can anyone recommend a real estate agent who is this very knowledgeable about multiunit apartment buildings in Norfolk, Virginia and Virginia Beach, Virginia. Specifically would like to speak to someone about apartment buildings greater than Eight units.

Thx

Michael