All Forum Posts by: Robenson Exume

Hello all,
I think I have done something real stupid and I want to share and need help to fix it. I am dealing with this broker that does not seem able to get me to closing. I have given him all the money that he has asked of me.( I know, stupid of me). Long story short is all I have so far is an appraisal. He keeps changing the closing dates. Now the seller is frustrated (rightly so) and wants the contract null and void if he changes the closing dates again. The broker insist that he can get the deal closesd. However, I have lost all faith in him delivering. He says over and over again that he will return all my money if he does not close. Now, what are my options? How do I get my money back? Do I need to lawyer up to get the money back? I did not give him all my money but the money I gave...I want it back. Please help, if anyone else has been through this, please share.
Thanks

Thank you Paul
Are these expenses high even with the taxes taken into consideration.?

Hello all,
Here is my problem for you smart people at BP. I am about to close on a apartment building. Here are some of the detail. Price=$475,000 Income=115838/yr. It appraised for 485k. The expense is 55360. Cash flow is about 12k/yr. Cap rate is about 10.5. The math makes sense but I am just tad bit petrified most of it is probably because I am a newbie and negotiating with people who are a lot smarter than me and not to mention they have a lot more experience. What makes the deal sweet is the owner is carrying a second for about 80k and the rest will be covered by the bank. So, is this a no brainer?

Ok. Thanks everyone for your input. So if the leases are as they should be does that mean I am ok? 

Frank, if the building is less than 50 units is it the norm for poor books? All these books that I read didn't mention poor books as a problem that I would encounter. Regardless,  thanks for the input. 

Hello Frank, 

 The rent is less than the market about 50 dollars. He states it is 100% occupied and seems to be. Everything seems okay except for the book keeping.  I am having a hard time verifying what's coming in. I am unsure if I am being anal retentive or just suckered. Also, don't the appraisers need these documents to come up with an appraisal?

Thank you for responding.  This complex about 22 units in a pretty good area. It seems like a good deal on location alone. The agent is saying most owners do not keep receipts. This sounds wrong. Besides rent receipts and direct deposit records, is there anything else that could be used? 

Hello all, 

I am new to real estate investing. I have done most of my research and I have a contract on a property. Everything looks good. However, I do not know how to actually verify the property's income. The seller's book keeping is horrible. He says the property is 100% occupied and has given me a rent roll. But i want receipts and other proof of income. What else can I use to verify the sellers story?Any input is welcome. Thanks in advance.