All Forum Posts by: Kyle McGee

@Adrian Fajardo Then there is likely something going on with the property... structural issues, unmotivated sellers, etc. Something doesn't add up. Good luck!

@Adrian Fajardo If I were you, I would ask around and find a well respected realtor to represent you in the transaction before I just called the realtor that has the listing. Often times realtors have access to good local contractors in the area. But, before you get too far in the details you need to get it under contract first. If it's as good of a deal as your numbers suggest, I would be very surprised if it sits for long. 

I second Joe ^ ... Need to get multiple opinions from contractors, to ensure there are no unforeseen issues with the property. But, based on your projected numbers (always be conservative with projections to get realistic returns) you have a very strong investment in front of you.

Hello BP'ers-

Currently working a 90 unit multi family project and just got the LOI signed for a little under $4m right at a 7% cap in an expanding market. Can anyone out there share some prior experience on where they got their downpayment and investors from on a similar multi family deal? Prior connections/hard money lenders/new connections/etc... Any feedback would be greatly appreciated!

Kyle McGee

@Michael Leung update: went to the door had a No Soliciting Sign on his door and next to it typed up "Whatever it is you're selling I'm F****** NOT INTERESTED"..... knocked anyway, no answer.

I am currently in the process of valuing a foreclosed property for a potential flip/rental and have come across a potential setback. It is being sold on auction.com and I almost went and knocked on the door because I saw a car in the driveway.. Luckily I didn't and I checked out the listing on auction.com again and one of the bullet points states "This property is reported to be occupied and buyer is responsible for obtaining possession." also " Do not disturb client. It is a criminal offense to trespass on this property"

So is this a sight unseen auction? Is this common with foreclosures? I would hate to buy this particular property and the inside of the house be an absolute wreck inside. And if I were to buy it what does it mean buyer is responsible for obtaining possession?

Any feedback would be greatly appreciated.

-Kyle McGee