All Forum Posts by: Pratik P.

@Manny Cirino @Ed Matson I completely overlooked the fact that it's not a true 19 unit and that it's rented by rooms!! I was wondering how there could be 200sqft studios lol. Definitely a turn off for me... Thank you for catching that!  It does look like they included management fees in the operating expenses but not sure if it's a professional management company.

I've been using AMEX Business Gold as the primary card for my business. They give you 5X points on your highest category spend each month. So if you have a lot of advertising and shipping expense, you'll rack up points quickly. 

Nothing but socialism and pure lunacy. I imagine we would see a lot more blighted properties because owners don't have the experience or the funds to do the renovations themselves but also don't want to sell at dirt cheap prices to flippers. I would have to factor this ridiculous huge expense into every offer I make. 

Good news is, I don't think something like this will ever pass. I don't understand where all these ultra left politicians are coming from with these crazy ideas. 

Hi everyone, 

I've been saving up funds to make my first multifamily purchase soon, so I've been doing a lot of research about underwriting and different markets around the country. I came across this listing in St.Petersburg, FL that has me a bit confused. I would really appreciate it if you could take a look at it and let me know if I'm missing something. Here is the OM: 2nd St Suites

The OM is saying they are selling at a 10.26% Cap with a CoC ROI of 26%. I know ROI will depend on how much you're putting down, but this cap rate seems oddly high given that cap rates in that area seem be around 6-8%. Is there something about this property that makes it undesirable? It's very old, but was renovated in 2014. Vacancy is low at 5%. It has 11 studio units at 200sqft which I think is tiny, but apparently they are renting well. So what am I missing!?

Thanks for your time :]

I've done double closes before. What you're describing seems to be a "wet" double close where the A-B transaction is being funded by the wholesaler and you are funding your own B-C transaction. There isn't really any risk as long as you're using a reputable title company and getting wiring instructions directly from them. What essentially will happen is the first transaction will close and then immediately yours. So the wholesaler will own the property for a very short period of time. If for whatever reason the A-B transaction does not happen, then your transaction will not happen either so your funds won't go anywhere. 

Wholesalers, sellers, seller's agents....all people whose numbers you take with a grain of salt :]

It's not the rent increase cap I have an issue with. It's all the other stuff. The increase cap is  only a problem to those who have their rents far below market, they're going to be playing a game of catch up for a long time....And there are many places in the midwest where rents are going up due to higher demand and population increases, so I wouldn't agree with that last part. 

I've been talking to a few people about it. It sucks because I was really looking into multifamily investments in the Sacramento area (where I live). I've given up on CA when it comes to buy and hold. I'll just flip here and take the money elsewhere. 

They're just trying to bully and scare you. If I knew the tree was definitely on my side, I would have just cut it immediately and put a fence up. They can do their own survey and go to court to prove the tree was theirs. Also it's highly unlikely someone will hire an attorney to go to court over an ugly tree, so take that demand letter or whatever with a grain of salt. 

Damn @Jim K. Tell us how you really feel!