All Forum Posts by: Martin Sterling

Greetings all,

For the purposes of rough calculations, in Gary, Indiana, what are the average per square foot costs to do:

1-a light rehab (example: interior paint, new floors, appliances, new doors)

vs

2-medium rehab (example: light rehab plus new kitchen & bathroom)

vs

3-Heavy Rehab (example: medium rehab plus new electric, new boilers, new roof & siding)

vs

4-A full gut 

vs 

5-New construction

Most of the properties I've seen fall between Heavy Rehab and Tear Down/New Construction.

Thanks in advance

Good Afternoon,

Does anyone know the gross rent multiplier for a building in Harlem, NY? Is there a specific place to find this number for various areas?

I was looking up a GRM for Harlem, NY and I found one that said 10. That makes no sense. I have a 4 unit under contract for the very competitive deal price of $1.8M. Currently it sees $7,850/mo in Gross rent, but if they were pushed to market rents, it would be $9996. It's zoned as R-7. 3 more units would give me a gross rent of $17,188/mo. with a GRM factor of 10, that new 7 unit is only worth $2.1M. 75% increase in units and raising all rents 22% can't only result in a 20% increase in value. So obviously, I'm wrong here somehow. Does anyone have some insight?

Thanks in Advance

Greetings guys

so what are some recommendations to get lists of commercial building owners. Is that on list source for direct mail?

Hey Guys,

I'm trying to get an idea on the square foot construction cost for a Gary, Indiana rehab on a residential 2 family or 3 family property. 

How much is full gut job VS new construction, and does anyone have contractor recommendations?

Thanks in Advance.

Thank you

Greetings,

If I buy a tax lien if there any HOA, IRS and DOJ liens on the property are they my concern, or are they wiped off through a Quiet Title Action?

Thanks in Advance

Sorry for the late response. Indiana

Greetings,

How do I find a Bedroom & Both Count on an Unlisted Property? I went to the tax assessors website and didn't see anything regarding that.

Thanks in advance

Hey Guys,

I've recently called made over cold 400 calls to Foreclosure leads. Haven't had any quality prospects yet. Wanted to know if anyone has used this strategy before.

Thanks in Advance

Greetings all,

So I found a lead in NJ that is in foreclosure and has a scheduled sheriff's sale date within 2 months.

The seller owes the bank $180,000. The ARV on the property is about $280K-$300K. She probably needs about $30K in work. She's occupying it. Single Family.

To be a regular wholesale deal if she agreed to sell, the numbers are a bit tight.

QUESTIONS

1- Is there a refinance strategy available to her here or some other way to help her if she doesn't want to sell?

2-Is there a way to structure a sale here that makes sense to an investor where the seller gets the $190K-$200K plus I get a $5K-$10K fee?

3-If neither are options, what is she left with?

I mean, it's not underwater so I can't see the bank accepting less. I'm just trying to figure some different approaches.

Thanks In Advance