All Forum Posts by: Norma Cole

Thanks Nick for your input.  So the LAREIA meeting  in Arcadia is tomorrow (7/9) at 6:30pm?  That sounds really good...I am going to try to make that.  

Norma

I see...Do you know of anyone or any situation where someone has been successful in this type of deal.  The area that it is being built in is growing and has a lot of new restaurants, a mall and brand new walmart, Target...etc..all within a few miles of propety...has great potential.  With the units all being 3bed and 2ba...would that be an issue also? 

Thanks

Thanks so much Arlan, James and David...your input is very valuable.

I truly appreciate it.

Hi, I recently found a property (12 unit multi-family - all 3 bed, 2BA) that is still under construction.  Only two units a currently occupied.  I used to live in the area so I am familiar with it.  What dynamics must I consider in possibly getting involved in this type of deal?

Thanks

Thank you for your advice.  I will definitely take it into consideration.

Hello, I am very green and am just trying to get an understanding on how to properly analyze a deal or just learn the right questions to ask. I just found this property on Loopnet which was listed by a broker. Can someone give me some pointers on how to approach this? Is it worth looking into? What questions should I ask the broker? It is an out of state property..I am in california however the property is in Georgia. I am interested in investing in Georgia because it is a place I am considering moving to in a couple of years. I also spent some time down south when I attended college (it kinda grew on me). Will it be difficult to invest in properties out of state? By the way is SFR - single family repos?

Below is some of the info I gathered from Loopnet:

Multifamily Property For Sale

Price: $149,000 No. Units: 12 Building Size: 8,600 SF Price/Unit: $12,416.67 Property Type: Multifamily Property Sub-type: Garden/Low-Rise Property Use Type: Investment Cap Rate: 18.84% Listing ID 18779956 Last Updated today

Is this listing inaccurate? Report Listing Error

Description

An amazing opportunity to own an apartment building. Note that there are 12 units with a total of 20 bedrooms and 12 bathrooms - 8 units have 2 bedrooms 1 bath and 4 units have 1 bedroom 1 bath. ALL BRICK =EASY MAINTENANCE. Insurance replacement value is at $850,000. 9 units need cosmetic renovation only, 3 units need a little bit more. This is THE ONLY apartment building on this street, so you do not have any competition. The rest of the street are remodeled SFRs. Lots of new construction in the area including new bridge. Don't miss this opportunity. Property is currently professionally secured through Vacant Investment Protection. Buyer can select to continue this well negotiated contract post-purchase directly with the vendor. Seller's team began to paint the property prior to seller deciding to list the property on the market to focus on larger commercial projects. All electric and gas meters are in place and are individually metered for tenants.

Just a short drive from Downtown Columbus GA and Phoenix AL. Quiet residential street. Columbus is currently experiencing a phenomenal growth in business with large retail and restaurant business openings, including new Costco and Walmart.

Wow!  Thanks so much Michael for the awesome script...very helpful.

Norma

Thanks so much..Great info.!

How do you know what to say to the seller when you get the first call?  Anyone have any tips on how to be prepared for this?

Thanks

I am interested in investing in multi-family 5-50 unit (small apartments).

What are the most important factors to consider when analyzing a deal for the first time?  What can be done to quickly get a general idea if it is worth further review?

Thanks,

Norma