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All Forum Posts by: Richard Stephens

Richard Stephens has started 14 posts and replied 38 times.

Post: Evaluate 8 unit complex

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

sorry for so many replies, theirs not any units in the area to compare it to.

Post: Evaluate 8 unit complex

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

2015 cap rate is due to replacing 4 ac units and exterior painting is what I was told.

Post: Evaluate 8 unit complex

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

NOI is 12k, Cap Rate of 3.6 in 2013, 3.2 2014, -0.7 2015

Post: Fianancing

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

Hi BP People, I previously asked about evaluating a 8 unit plex.The owner is willing to fianance with 100k down and fianance 290k. How can I get fianancing,i don't have the 100k to put down?

Post: Evaluate 8 unit complex

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

Need help on evaluating 8 unit complex in fort worth,tx. All units leased at $500 a month, which owner says low rents and will raise.Building was built in 1970 and doesn't look like any improvements have never been done since.Hes asking 390k ,appraisal district has it at 200k.I know the appraisal district is not accurate,but I think 390k is way to much.Shoot theres 1/2 acre identical vacant lot next door.Thought it would be cheaper to buy this lot and build 8-12 units from ground up. Any thoughts and opinions would be greatly appreciated,Thanks BP People

Post: comps

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

Thomas,Thanks so much for all this info, I can tell this wouldn't be your first rodeo like myself.I also hear Josh and Brandon going thru the list of numbers they would calculate to know what their MAO would be also.This is slow going for me,i have a tendency to over analyze to where I talk myself out of it or lose it because wasn't quick enough.Im kinda wondering since I don't have a partner,with this being my first flip that with all the fees,commissons,holding cost etc.. would be to much to start out with.Even though this property would reap a great pay check due to its lake front and when a piece of property is up for sale they sell quick.I think a banker or hard money loan would love this kinda loan all day long.Way off subject do you have any holdings in Texas? I have thoughts about a undeveloped parcel of land,that would be perfect for a Self Storage.Theirs like 2-300 apartments next door and also in process of building a planned development of homes across the street,not sure of how many or price range. I got some great ideas,just wish had a partner to team up with to share the whole process with to flourish and proper together on each others strenths and weaknesses.Any thoughts or advice would be greatly appreciated.

Post: comps

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

Hey Swanny,thanks for the quick response.I will do an appraisal as you suggest,and when you say "formula" can you touch on that subject.This property has an extra lot with it also to boot.Thinking about dividing the two and selling them both.Thats also good info on Multifamily because im also always looking for any type of investment.

Post: comps

Richard StephensPosted
  • Homeowner
  • Aledo, TX
  • Posts 38
  • Votes 2

Hi Everyone,i have a question on what to offer on a house that the comps fluctuate from $100k and up,no two houses are alike,a rich area like the house im thinking of thie asking $223k needs about $50-75k in repairs and the house next to it is $350k house across the street is $450k on tax records.This would be a great start for me! Please any sound advice would be greatly appreciated.