All Forum Posts by: Mike Xiao

I am in discussions with my brother and sister in law, to pay off the remaining amount due on my mother in laws home.  The total amount still owed on the house is $230K, and the home is currently worth about $800K, conservatively.  My sister in law would live in the back house rent free, while my mother in law lives in the main house.

We would split the $230K 3 ways, and we would all be equal owners on the house. We would split propety tax, repairs, and utilities 3 ways  

Seems like a no-brainer but I am just weary of getting into any sort of investment with family and in-laws, due to all the nightmares I've heard.

I think I want to create a side contract for potential issues that arise, so there is no argument back and forth. We just turn to the contract

What things do you all anticipate that could possibly come up as a debate, that we should put into such a contract???

BSEE (specialized in RF design) and also worked part time as RE agent.  Now a full time sales engineer in the RF engineering field.  Looking for buy and hold rental properties.  Currently just have 1 rental property in Utah. 

@Nick Peters, I like your light version of the spreadsheet.  For $50 for your full version, is there a trial version so I can see what you get for the full version before committing $50?

Hi All,

It's been a while since I came on here.  I have a single family home in Tooele, Utah.  It's paid off, and currently get $1550/month.  The home I estimate can be sold for ~$230K-$250K.

I'd like to get some advice on strategy.  I'm contemplating if I should sell my house in Utah, and use that money for down payment on a larger multi-family unit in Orlando or maybe Tampa?

It seems Orlando and Tampa are some rental markets.

OR....should I just hold my Utah home forever, and just save up enough down payment for another investment property, which could be a while.

Just curious what strategy is best, basically. Whether to just gather up a bunch of properties, or keep selling to upgrade to more and larger multi-family units.

@Joe Au, that is true.  Growth can only go so high

Does anyone have some inputs on American Fork UT, and its nearby surrounding areas? It seems to have grown quite a bit, with high tech companies moving in.  Specifically looking at a new development in American Fork called Easton Park, Triplex.  

My potential client has shown me proof of funds. They are overseas group of investors purchasing with cash, so they should be good on that front. it will likely be more on the lower end of the range.

If anyone has some tips or a link to a good article/blog to check, that would be great.

I'm going to do a lot of due diligence obviously, but just wanting to get some opinions from people here that are experts in this. Thanks for the help

Hi,

What is the typical process that goes into purchasing a larger apartment complex?

I was searching for a step by step typical outlined process online somewhere, but couldn't find anything. I was looking for something that would start from the LOI all the way up to closing.

I'm familiar with residential real estate process, and closed on a smaller 8 unit commercial complex.

But I'm wondering for larger commercial deals (say $10M-$20M).....what is different in the process from say your typical residential purchase?

I have my broker, but she has some commercial experience, but mostly residential.

Is it advised to get a lawyer involved and CPA to analyze the books, etc?

@Steve S. thanks for the detailed feedback.

@ Martin 

@Martin Z. it was only listed on loopnet

Hi,

Not sure if this is the right place to ask, but figure I'd give it a shot.  I have a client looking to potentially buy a $10M multi family apartment building.

I asked the seller agent what the buyer's commission is, and he said the seller is not paying buyers commission.  

Is this common in these types of transactions? 

If so, I am planning to work out a deal with the seller and agent to write it in the contract to get a buyer's commission.

Is 2.5% a reasonable commission percentage in these types of larger deals?