All Forum Posts by: Miles Clark

I’m currently interested in buying a property management company in California.(Partnership with a Broker)

I have a meeting with the current owner set up and I am curious on questions I should ask.

Currently they have 115 doors that they manage. 4 employees(2 are willing to stay) gross income last year was around 180,000$. I plan to go over their numbers at the meeting.. 

Asking price is $115,000 at 3-6% on a 10year that they are willing to carry.

Any suggestions or thoughts please let me know. Thank you

Hi everyone,

I am in search of a Lender in the St Joseph or Kansas City,  Missouri area. Any one that deals with regular conventional loans on small multi-family. Along with a lender I am in search for a agent that doesn't mind working with an out of state investor. I am very eager to purchase a property in this area and would appreciate any leads. Thanks everyone

Hi everyone,

I have an opportunity to purchase a steel frame duplex(New Construction) in Kansas City. I currently do not own any rental properties but I know that I want to buy and hold multi-units. I am looking for anyone that has knowledge regarding steel frame homes. Are they better? Will I run into less problems down the road with major fixes because its a new construction? Also if anyone is familiar with the market in Kansas City? This deal is through a friend of mine that runs a property management company and he is expanding into developing. The land that the property will be built on comes with the deal.(He has been buying parcels and subdividing the parcel.) Any and all comments will be greatly appreciated. Thanks everyone

Deal info is as;

$90,000 Steel Frame Duplex

20% down

Gross Rent Income $13,200

Mortgage $4,260(annually)

Property Mgt $1,320(annually)

Prop. Insurance $960

Net Income $6,000

ROI on the Down Payment is 33%?