All Forum Posts by: Monti Harris

Purchase Price	$ 250,000
Cash to Close (15%)	$ 37,500
Income:
Monthly Rent	$ 2,775
Expenses:
Mortgage	$ 1,403
Prop Taxes (2.15%)	$ 448
Insurance	$ 133
Prop Mgmt (5%)	$ -
Known Expenses	$ 154
Vacancy (5%)	$ 139
Repairs (5%)	$ 139
Total Expenses:	$ 2,415
Mo Cash Flow:	$ 360
Annual Cash Flow:	$ 4,315
NOI:	$ 1,762
Annual NOI	$ 21,145
CAP Rate:	8%
COC Return:	11.5%

0 Votes

A friend of mine is looking to retire after amassing nearly 400 rental houses. He is looking at $20 - $25 million for the business. Any advice on where to go for funding? Bank I currently use is capped at $5 million.

0 Votes

I use BERKSHIRE-HATHAWAY commercial policy. The first house is about same as residential, but each additional house is much less.

1 Vote

Annette,

This property does not make financial sense at the price you are asking for it. I ran a 'Napkin' on the property and here's what played out...Do you agree?

ASKING	PROPOSE
Property Name:	sec 8 unit		Property Name:	sec 8 unit
Address:	Lawrenceville, GA		Address:	Lawrenceville, GA

Purchase Price	$119,000		Purchase Price	$65,000
Cash to Close(15%)	$17,850		Cash to Close	$9,750
Income:		Income:
Monthly Rent	$950		Monthly Rent	$950
Expenses:		Expenses:
Mortgage	$809		Mortgage	$442
Prop Taxes (3%)	$99		Prop Taxes	$99
Insurance	$67		Insurance	$67
Prop Mgmt (10%)	$95		Prop Mgmt	$95
HOA		HOA	$-
Vacancy (10%)	$95		Vacancy (10%)	$95
Repairs (5%)	$48		Repairs (5%)	$48
Total Expenses:	$1,213		Total Expenses:	$845

Mo Cash Flow:	$(263)		Mo Cash Flow:	$105
Annual Cash Flow:	$(3,150)		Annual Cash Flow:	$1,256
NOI:	$547		NOI:	$547
Annual NOI	$6,560		Annual NOI	$6,560
CAP Rate:	6%		CAP Rate:	10%
COC Return:	-17.6%		COC Return:	12.9%

0 Votes

Please send me [email protected]

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Please PM me for discussion on property.

0 Votes

All, The Lender I use, a commercial lender, may not be a portfolio lender. I am not sure i know the true def of the term. The lender is 'The Farmers Bank' from Frankfort, IN. The loan I have with them is a commercial loan.

thanks.

0 Votes

Indianapolis, Indiana

All Forum Posts by: Monti Harris

Monti Harris has started 1 posts and replied 55 times.

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