All Forum Posts by: Scott Matthew C.

Jeremy,

Congrats on joining BP! It's one step forward to endless possibilities. I would encourage you to get plugged into a Real Estate Investors Club. I did a little searching on MeetUp.com and there is one in NJ . There is also another in New York. I would consider going to both. Pick one and establish credibility by attending regularly. In doing so you'll see who the key players are that are doing deals. When you're ready ask them if they would be willing to mentor you. That may mean fixing cosmetic blemishes on someones car :)

I would consider reading the following "The Millionaire Real Estate Investor" by Gary Keller. It's one of the best for newbies. Read that before you ask someone to mentor you that way you can have a meaningful discussion.

By age 25 I expect you to be a full-time Real Estate Investor! Therefore, whatever you do stay focused! Whatever challenges come up or whenever things seem too hard to understand it just means you're one step closer to your goals and becoming successful!

Hop on it or someone else will.

We have had a lot of interest and over the weekend. We did receive over the weekend and offer unfortunately the buyer wasn't able to get rest of the funding. Therefore, it's up for grabs again. Property details are below.

Detroit Area Apartments Available for $2.75 million (three locations and 150 units with 90 percent plus occupancy).

***Important: Any and all Offers will NOT be considered without the following documents***

We will require a exclusive buyers agreement and a non-compete/disclosure agreement, and proof of funds prior to revealing property related confidential information.

Funding sources is available up to 2 Million. (more details when docs have been signed and proof of funds have been verified.)

Property No. 1 (Will Disclosure Location after Proof of Fund and Doc's have been signed)

Units: 58

Year Built: 1969

RBA: 34,900 SF

Property No. 2 (Will Disclosure Location after Proof of Fund and Doc's have been signed)

A Units: 44

Year Built: 1960

RBA: 30,100 SF

Property No. 3 ( Will Disclosure Location after Proof of Fund and Doc's have been signed)

B Units: 48

Year Built: 1962

RBA: 31,200 SF

Income Pro Forma

Scheduled Market Rent $954,240

Less: Loss to Lease 1.00% ($9,542)

Less: Vacancy 10.00% ($95,424) (assuming 10% will not be rented)

Less: Concessions 1.00% ($9,542) (example: The of evicting a tenting...this can be anything)

Detroit Area Apartments Available for $2.75 million (three locations and 150 units with 90 percent plus occupancy).

***Important: Any and all Offers will NOT be considered without the following documents***

We will require a exclusive buyers agreement and a non-compete/disclosure agreement, and proof of funds prior to revealing property related confidential information.

Funding sources is available up to 2 Million. (more details when docs have been signed and proof of funds have been verified.)

Property No. 1 (Will Disclosure Location after Proof of Fund and Doc's have been signed)

Units: 58

Year Built: 1969

RBA: 34,900 SF

Property No. 2 (Will Disclosure Location after Proof of Fund and Doc's have been signed)

A Units: 44

Year Built: 1960

RBA: 30,100 SF

Property No. 3 ( Will Disclosure Location after Proof of Fund and Doc's have been signed)

B Units: 48

Year Built: 1962

RBA: 31,200 SF

Income Pro Forma

Scheduled Market Rent $954,240

Less: Loss to Lease 1.00% ($9,542)

Less: Vacancy 10.00% ($95,424) (assuming 10% will not be rented)

Less: Concessions 1.00% ($9,542) (example: The of evicting a tenting...this can be anything)

To all that have previewed and responded, thank you for showing interest! My team just informed me we have received an offer. At this point it appears they are short 300k. The current buyer is pen to the idea of outside funding and are working with a hedge fund not sure what will pan out since it's Sunday. Hang tight and I'll post all the preorty details here no later than Monday. Sundays is family time and I'm out with the wife and kids at a kid craft fair. Forgive me forgive me for not responding sooner. I'm actually sneaking this response in hopes that wife doesn't find me. I'm in the boys bathroom ;).

J Scott , I'll send you the sales package no later than Monday. My role is lining up the buyer. My partner is the one that actually has the seller contracted.

Joel, not a problem being new to BP I noticed after the fact I need to give more transparency. Again I'll give more details no later than Monday and post them here. Thanks for the accountability, it is much appreciated.

Scott Mc , it's near Telegraph.

To everyone's success!

I agree with Karen Margrave. I always reverse engineer my offers and I would encourage you to do the same, especially if you have a debt service (mortgage, hard money, private money). Work the details starting with your exit strategy (unloading the property as Lease, Lease/Option, Hold, Flip, Land Contract, etc.) and then work your way up to your max offer price. If you have to pay a debt service that may squeeze your profit margins....therefore, the 2% you are willing to pay may hurt you in the long run. It all depends on the speed of money... if you are borrowing, those involved want it back as soon as possible!

What is your radius? I have contacts in Fairfax, VA my stomping grounds. My contacts there are fairly system oriented and probably have crews lined up. But it doesn't hurt for me to reach out to them. Let me know. To your success!

I hail from Ann Arbor, MI. The market here is heating up! Nevertheless, I recently joined BiggerPockets to increase my network.

As of now I am looking for buyers/investors for 2.7 Million Dollar multi unit(s) in Michigan. Monthly Gross: 90K | Monthly Net 55K.

Contact me for more details. To your success!

Looking for 30-45 acres of vacant land within 10 miles of Ann Arbor, MI. Have something? Let me know. To your success!