All Forum Posts by: Nik S.

@Mimi J.

Don’t wait the two months almost 9/10 times they will change their mind or find something else. If they want to give you a non refundable deposit that may be something to consider but your mortgage (if there’s one) and property taxes still keep generating in the meantime...I’d pass in my opinion, not worth it.

@Tab Teehee

It just rolls into the nexts month balance sheet and gets eaten up in expenses. It’s just a policy on the contract I had to sign for properties that don’t cash flow enough.... Luckily I don’t have that problem but since this thread I am going to tell them it’s not needed and to give me all $ monthly. Thanks :-)

@Tab Teehee

My management company withholds $250 per property per month for reserve funds. They send me a draw 5th of every month of ALL excess funds and then I pay the mortgage and set aside the tax money. You should be in control of your money, debt and taxes. Leave the rest to them. If an unexpected expense comes up and it exceeds your balance with the PM trust account then you can inject the necessary capital if needed.

@Willie Smith

Not all, most purchased at FMV (fair market value). After expenses including PM fees and debt service, this is what is left over per rented unit. Give or take.

@Jerryll Noorden

I’m with you. I flip in the same $ range, more so $150k’s in my area. Don’t have to wait long for a solid contract. I did a 600k flip recently ($ for my area) and man it wasn’t worth it.....so many other things matter. Stick to the mass of markets.

@Willie Smith

I own apt buildings in C/B areas, leveraged, making $100-115 per door. Give or take. These numbers are based on being a passive investor.

@Stacee Evans

Great execution! Fearless approach as well, nice work! From purchase to close, how long? Most first time out of state flippers flop, however you defied the odds with a great profit!

@Antonio Davis

Check with local zoning departments as they don't always allow a conversion in certain areas or on certain properties (depending how zoned). I lightly tried once and zoning refused, so ran the property as is and then sold it shortly after. City said they would "allow" me to tear down and build NEW apartments.....I laughed. 

Honestly, There are some newer brokers that list properties on there because they don't have a strong buyers list, so good deals DO appear on there. I've met others brokers who utilize all major online commercial portals (Costar, LoopNet, Crexi etc). I honestly look daily to see what posts as you never know whats going on, just like the MLS.

As I approach properties I am interested in purchasing, I ALWAYS submit an LOI first. That is pretty standard procedure these days in commercial buying, to make sure sellers and buyers are on the same page prior to drafting the PSA. The first apt complex I purchased, it was listed on LoopNet for a little bit of time. The market was VERY different (2014) than it is now. Things weren't as aggressive.

@Bryan Mitchell

I bought my first apartment complex on LoopNet. Just sold a commercial property on LoopNet. Underwrite the property, if it’s what you want go for it otherwise someone else will.