All Forum Posts by: Rob Lalumendre

I'll be there and 7pm or 7:30 is good for me, whatever works for everyone else? 

@Mike Dymski @Karen Schimpf @Ujwal Velagapudi Thanks everyone for the great advice, I'm trying very hard right now to find the right partner, I'll let you know when I get the deal done. 

@Mike Dymski @Upen Patel Another question as I prepare my information to present to potential partners. How could the deal be best structured considering the seller is willing to finance part of it? Should that be part of the deal structure or will that just complicate things? 

I'm thinking if I have the best plan when I approach potential partners it should increase my chances of finding the right person and working out a partnership. I do realize though that they will have control of the final configuration of the deal. 

@Upen Patel Thanks Upen, I appreciate the feedback and I agree BP is great, I have learned a lot from the forums and podcasts.

I'm going to work on finding a partner, I don't want to let such a great deal get away. 

Can you give me some idea what would typically be needed for a down payment and cash reserves to make a deal like this work without a partner? 

Thank you all for the advice, I am going to start searching for a partner, sounds like my best chance at getting this deal done. Thanks again, Rob 

Thank You, Here's the annual expenses:

Taxes - $11,450

Insurance - $3526

Sewer - $646

Garbage - $840

Common area & Laundry room water, electric & gas - $1800

Common area & LR cleaning/maintaining - $1440

All other utilities are paid by tenants.

I plan to manage myself. 

Let me know what I missed and should plan for? 

Thanks again!

Hi Everyone, I have an opportunity to purchase what looks like a really good deal on a 12 unit apartment building and would like some advice on the best way to purchase it. I am planning on a long term hold for this property. I have $15,000 of my own money to put into the deal.

Here's the details of the property:

11 apartment units, 1 commercial unit - 100% occupancy (many long term)

Building is older, but in excellent condition, it is currently owned by an individual in the construction industry and he has rehabbed the entire building, inside and out.

Rents are currently 15-20% below market rates.

Gross Income = $75,600

Expenses = $19,100 

NOI = $56,500

Asking Price - $457,000

Seller owes approximately $200,000, wants to pocket $100,000 and would consider financing the remaining balance of about $150,000.

Which approach would make more sense or even work?

1. Finance $285k conventionally, put in my $15k and seller finance the remaining $150k. 

2. Find private money for a $135k down payment, conventional finance the remaining $315,000.

3. Find a private money partnership to finance the entire deal. 

4. Other creative ideas?

I currently own one 4-plex so my experience is limited, but this property cash flows great and will cash flow even better after the rents are adjusted, so I want to figure out a way to make this happen. 

I would appreciate advice and ideas on how to make this deal work.

Thank you very much, Rob  

@Mike H. @Brian Hoots @Brandon K. @Joseph Bergman @Joe D.

I'll be there at 7pm, see you guys then. 

@Brian Hoots @Mike H. @Joe D. @Brandon K. @Joseph Bergman 

Guys, Hope you all see this for the next meetup. I put the date for next Thursday 19th at 7pm, but lets figure out if this will work for everyone, if possible, and adjust if needed. 

Thanks, Rob 

sorry I missed it guys, I had something come up at the last minute with one of my kids and wasn't by my computer to let you know.