All Forum Posts by: Mandy Telleria

Thanks @Brandon and @Michael Sherwood!

New York, Arizona... Same thing! :)

Oh, just started listening... this is the episode where Josh talks smack about Vegas... Not cool!  Detroit, and now Vegas... geez. 

I've listened to every BP podcast and am having trouble recalling a specific one...

The guest...

Worked full time

Had a partner

Ramped up his REI business very quickly to 20 + in less than a year (if I remember correctly).

He also began aquiring other types of business... A liquor store.

I think he was from AZ. 

Can you name that PodCast?!

@Joshua Dorkin 

@Brandon Turner

@Joe O   I would love a fourplex in Summerlin or even in the SE/SW... and you're tellin' me it ain't going to happen. lol 

I appreciate the insight as I am interested in Multi-families. @Phillip Dwyer and I have discussed multi's and he's mentioned that Vegas just doesn't have the supply/$.  

I came across this one and I thought I'd run the #'s (as best as I know how, it was my first attempt) just to get an idea and see if it's workable. Even without working the numbers it didn't seem like a "deal" but I thought I'd present to the experts to start a dialogue.

@Phillip Dwyer  The rents have been confirmed in the area. There are 3 other buildings identical to the one for sale and they are collecting the same rents. There are smaller apts. across the street which go for $50 less. 2) The owner claims he has a very low vacancy rate. TBC. 3) No HOA.

This was a nice exercise for analysis on a property.  With that said, I'm not entertaining the purchase of this property (unless the owner knocks a big chunk off the asking price, not likely). Thanks for all your insights! 

Thanks for taking a quick look at the "deal" ... agreed, as per the number it's not a deal.

Clarification points:

• 285K is the seller's asking price. No negotiation has taken place. My hopes are that the seller is motivated enough to sell the property at a discount.
• There is expected appreciation for property in the area due to the new 24 acre park.
• The seller has been advised to sell for $300K (not advice from my broker). He has not listed the property with a broker - not sure why.

This is my first attempt into REI and appreciate advice you can offer for acquiring this multi-family property with creative financing.

I have some initial details and expecting more information on the property withing the next couple of days. The following is all I have at the moment:

Sale by Owner: 72 years old with declining health, has owned the property for 19 years.

Property:  4-plex. Each unit: 1000 SF, 2 bed / 2 bath.

Full Occupancy (with a couple long term tenants.) Interiors have been renovated over the last 5-6 years. New water heaters. Exterior needs "curb appeal".  Las Vegas, Built in 1984. Near airport & University. Located on corner of two main streets with bus access. The area is a bit rough, but is being "cleaned up", a large park is being slated for development by the end year.

Asking Price:   $285K (broker suggests $300K)

Total Monthly Income: $2,500 

Current Property Tax: $1,600

Current Insurance: $1,600 (owner says he's over paying - TBC)

-------------------

Please give me your two cents on whether this is a Good or Bad Deal? 

- Based off quick 50% rule analysis (with 20% down), I'd only be cash flowing $130/mo.

- Purchase price would have to be 270K , with 20% down for a 200/mo cash flow.

How can I fit within the 50% rule... without contributing 20% down... this is where the creative financing comes in... suggestions please!

Also, what are some things that can be done to the property in terms of creating more cash flow?

Thanks in advance for your expertise! Mandy :)

@Joe Fairless I'll check out your post. I hadn't consider Wholesaling until recently when it was suggested to me by another BP'er... I'm going to brush up on the subject. Thanks!

@J. Martin Thanks for the welcome and all the great tips! I'm working on getting up to speed!

@Robert Adams Thanks, I appreciate it! I will definitely take you up on your offer, it would be great to pick your brain a bit. I look forward to meeting you at the next BP Meetup!

@Joshua Dorkin ha! I dig it, too! I can't take credit for it, though ... it just came to mind. [ssshhhh... you can Thank Justin (Bieber) for the term]

@Brandon Turner ha.. I'll give you a pass on.. My intro was an ear full. Not to mention all the intros you have to read! I love Jaime's podcast... It's a great resource as is BP. I've already made some great connections and received a very generous offer for a mentorship from a very seasoned investor here in Vegas. I haven't even been on here a week.. It speaks to the community @Joshua Dorkin Built! I look forward to what lies ahead!

@Joshua Dorkin Thank you for the welcome. Yes, I noticed right away that I hit a gold mine of information, resources and great people! I've already recommended the site to other investors - one of which has "invested" heavily in training from one of your "guru" buddies. I'm sure he's since converted and become a BPliever! :D