All Forum Posts by: Owen Hogarth

Thanks for the quick reply Jon

I was more thinking of doing purchase with owner financing so i would offer 5.9 purchase price give the 2.4 down payment and try to get 18 month no payment / interest. reposition a little. take a look at these expenses

Property Taxes (1.163% of $9,450,000) $109,904
Insurance $ 24,921
PG&E $ 67,482
Garbage $ 40,136
Water/Sewer $ 49,246
Payroll (Resident Manager, etc.) $ 37,919
Other/Miscellaneous $ 47,959
Property Management (estimated at 4% of adjusted gross income) $ 45,750
Maintenance and Repairs (estimated at 5% of gross income) $ 58,956

Hi guys let me know if this is a deal or dud

i've never done a subject to before but this property is in down town S.F.

the building 59 units
average rent 1,500
3 vacancies
current NOI 661,475

the seller wants 2.4 million down and will do sub2 the existing mortgage of 5.9 million

do you think this is a good deal
again i have no exp. with sub2 so i'm not sure, the property should have no problem carrying the existing debt i think so what's the sellers motivation for selling a nice property in down town san francisco?

owen

I am currently living in northern California and I'm working on some deals to get into rental property ownership. I already have a LLC that i used to flip properties that was incorporated in Delaware.

Now I want to buy and hold some nice sized rental units for the cash flow like i said i live in California but I'll buy anywhere i can find the right size and prices.

Once I get these properties and have proper management in place I will also be leaving the country quite often to go work on some other things in Asia.

My question is how can i set this up to have all the income going into a new corp or whatever that allows me the least amount of taxes while I'm in America and over seas without getting double taxed in America then probably taxed over seas.

I understand that the advice given will be needed to be verified by and attorney or something but I just need somewhere to get started and I'm sure someone in here can help me with that.

Owen

Thank rich, I understand that's why I'm looking for a management company but doing some research and calling local storages in the area they are all family owned so i think a professional company could help me out a lot.

I am currently working on a 212 unit deal that's in the Metro Oregon area, Its currently 50% occupied I am looking for a strong management company that can come in there and turn the place around.

Any advice would be great.

Thanks Mr. Green i've b een looking for good commercial real estate books to read, i prefer the low cost and free ones not those get rich quick seminars.

Hey guys Owen here, i'm new to commercial real estate but i'm also excited about the information that i've gathered. I'm looking forward to learning and growing.

I am interested in buying commercial properties and holding them for long term income.

anyone with information on that who can point me in the right direction, that would be great.