All Forum Posts by: Paul Bloomfield

Guys, i'm in need of an experience Quad-plex inspector in the Atlanta area, ASAP. Can someone point me in the right direction. Thanks

@Polo Vazquez, thanks for responding man, I offered 410K for the property and they pay closing cost, they counter with me paying half the closing so i walk. The property with the current rents , would make me come out of pocket for about a year.  so i was taking a gamble buying it, as i know where the rents can go after the tenants leave. However i would have to do something with the property to raise the units over $200. The seller said the property appraise for 400K and that what she wants.  i ask her would she take the price if when i do an appraisal and it comes back lower, she said no. I walk away. what yo u think?

@Polo Vazquez, yes i did use conservative #s , also i'm looking at increasing the rents when the tenant leases are up. the average rent in this area is $935/unit which would increase the income to $3740...This would give me a CoC of over 7% and an cash flow of $487. This is still not what i look for when i analyzing a Multifamily, but i dont want to stuck in analysis paralysis. I have analyzed over 50 properties looking for 10% equity and 7-10 % COC and $150/door minimum. I somehow cant land a deal.

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*This link comes directly from our calculators, based on information input by the member who posted.

@Tchaka Owen, I'm still looking for much better. i'm really into Multifamily, but where this property is, i taught it would be a good buy as its right across the street from Avalon in Alphareta. The cash flow and NOI can be a lot more if the rent is raised from 1500 - 1700. this can happen if the tenant leave. your right i took out the capex and only have 2% for both maintenance repair and vacancy . i taught because its a condo i wouldn't need to pay for a roof, so i put nothing for Capex. I honestly dont know if its a good buy as i would be tie-ing up 46K, but base on the #s, i taught its not too bad. One disadvantage of condo is that you cant do many things to raise the value. let me know your thoughts

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*This link comes directly from our calculators, based on information input by the member who posted.

@Jonathan Taylor Smith, Thank you for responding, I heard you loud and clear. I went to the tax office today and spoke to a building official from community development section that has been intimate with this property since 2010. He basically told me not to buy this property. The property was condemned, it had structural damage before the seller bought it and fix it up. The retaining wall is out of code as the seller use wood for the wall with no engineering  sign off, vs stone. According to the Todd,  the owner didn't do their due diligence like i did by coming to speak with the county. he said in 2014 an engineer gave him a drawing for the retaining wall which would cost about 180K, he is guessing now it would cost 200-300K to fix the retaining wall the correct way. He was talking about taking it to court to get it demolish. It's a shame, as everything in this is new, including HVAC and Roof. There is a another 4plex beside it boarded up. A investor with some cash could buy both of these cheap and fix the retaining wall using an certified engineer. As a new investor , i have to walk away. any comment

Thanks Jonathan 

The issue is, the property can't be rented as the county took away occupational rights due to the back of the property up against a Rock. It seems like it needs a retaining wall, but i'm not sure as the seller just want to off load , he doesn't have much information. I will be going to the county office to as them what 

1) what need to be done to address the retaining wall 

2) was it an issue in the past, why is it an issue now

3) what type of document would i need in order to get clearance/

4) what document would they need to get clearance

5) what's the turnaround time for these documents

I would love some advice on what i can do. I have been searching a long time for a good deal and I feel this could be the one . i just need to solve this issue , if , it can be solve.  This would be my first property and would give me an edge on getting it.

Has anyone gone thru this before? 

is there anything else i could/ should do ?

Do i need to take anything with me to the county office?

@Michael Chilton Great job man! So you negotiated the deal without a Realtor. in what part of the process did you use one? 

@Tim Herman, sounds like solid advice. I do like BRRRR and Multi-family homes but it maybe too much stating out, so i will start looking for Multi-family to rent without much repairs, if any. With this property in question ,if the owner accept 100K offer, then i will definitely move on it. My brother is a contractor so i have an advantage, only drawback is we live in Atlanta and the property is in florida. However, i will get more educated on bigger pockets about rental and Brrrr investing. Thank you Tim for your time and advice