All Forum Posts by: Mike Dinh

@Pete Edmonson

Hi Pete, I am also new at apartment complex investing. I am trying to run the number based on your deal just to educate myself on the subject. Your monthly payment is most likely going to be around $11k on the monthly mortgage alone. at 50% expenses you are at 14k, so you re projected to make $3k per month on a $200k investment( down payment)? Of course when the rent is raised you could get higher return but does that sound about right? I am looking into buying an apartment complex and still trying to understand it. Thank you so much for sharing your info. 

 Wouldnt that make the multifamily not legal? Zoning is tough these day I think.

Thank you guys!

That is great for you! I recently did a property in Philly. Bought for 17k, spent 50k rehab, appraised for 125k . Bank gave me a loan for 70% which is $87,500. So I pulled all my cash out plus 20k plus positive cashflow monthly and built in equity. Property rented for 1100 and I net $400 per month after expenses. It was a great deal and my first BRRRR. Loved it!

Hi, I'm a new investor in Philadelphia. I had a couple fix and flips and looking to start holding. My goal is to buy multi family in the more affordable area such as frankford, west philly, strawberry mansion, etc. Any one has experience in these area that can give me some pointers? I would appreciate it very much!

WE rehabbed a property in Wilmington, DE and put on market after 2 months. We signed a contract for $5000 under asking price and was set to close with in 30 days. Their inspection came back with items for us to repair, including suspecting of termite, heater was operating but making noise and there are signs of rust, along with some more minor items. We came back with $3000 credit and we will take care of the termite. They will have a 1 year house warranty. They came back with they want us to release the contract and give deposit back, without giving us the chance to fix the items from inspection report. I think we have the right to sue for damages since we already declined 15 showings after we signed contract with them, and those potential buyers would have negotiate in good faith. We are not giving back deposit money but is it worth pursuing damages? Thank you all for your insight.  

Yes everything was done and we got our tittle insurance with a reputable title company. 

 That is a crazy idea. Did your friend get in trouble? 

I want to also point out that I closed this house within 7 days, literally. Wholesaler informed me that the house was going to to foreclose in 1 week and we have 7 days to close. We ended up have to extend the deadline of the sheriff sale for 1 day to be able to close on time. That was the reason why I took the gamble of not making sure the owner leave the property before closing, and I think I will never do that again. Lesson learned

Hey guys, update on the situation. We finally got the original owner to get out of the house. We were able to work out a solution for her and her kids to move out of the house and get into an apartment. We had to take the time and help her move but it was all worth it. Thank you guys for all the inputs.