All Forum Posts by: Stacey Blunt

Hello all,

Just to give you a little bit of background about the deal... This will be a lease option agreement with a purchase price of $275,000 and a down payment of $25,000. Remaining balance of $250,000 will be amortized over 17 years @ 6% with a balloon payment no earlier than 5 years and no later than 7 years.

17 unit Apartment building in a C area (14 of 17 currently rented @$350/month)

Current monthly rent revenue = $4,900.00

Monthly Expenses include:

Lease Option pmt = $1894.50

Monthly Insurance = $167.00

Monthly Taxes = $589.00

Monthly Property Mgt @ 7% = $343.00

Maintenance & Repairs @ 10% = $490.00

Vacancy @ 10% = $490.00

Total NOI = Approx $925.00 (with 3 vacancies)

With a new management team in place, incremental increases in rent and a lower vacancy rate I feel like this deal will be great. What are your thoughts on this deal, and let me know if I left anything out!

Thanks for all of the help and advice! I think that I am going to go the route of subbing out most of the work and managing the project myself. I will keep you guys updated on the entire process, and hopefully it should be a great learning lesson and success for me and my business partner.

Ok, so me and my partner are doing our first rehab and are in the process of getting general and subcontractors into the single family home to give us bids on our renovations and improvements. We just got our first one back today and it came with a detailed outline of everything we asked to be considered in the project, but the only price that was included in the outline was the total price of $95,000...way over what we had budgeted. This is my first time dealing with contractors, but am I wrong in assuming that a good detailed bid should include the prices for each particular aspect of the project? I even tried to call and ask about the specifics and prices for each portion but he said that if he did that then the price of the bid would have to increase. The only information for specific price he would give me (after several failed attempts) was the cost of the HVAC portion of the work and that was substantially greater than what an HVAC subcontractor had bid! Should I decline this and keep my search open or try to work with this guy and come to an agreement on the numbers?

Hello all, I've been following this site for a while now and through everything I've learned, I was able to purchase a single family 1 bdrm home in a decent part of the city and have a great tenant in currently, and it has already been rented out until next August! I had to make it a cash deal because I could not obtain financing (not enough job history), but everything is stunning smooth right now and I have about 20-30k equity in this investment property. I have seen other properties that I would like to purchase in the area but can't qualify for a refinance or a new loan because of my new job and income. I would love to try and partner with someone here in the area or meet a private money lender that could help me out! I currently have 3-4 prospective multi-family homes that I am looking at with great cash flow already in place, what should I do next?