All Forum Posts by: Shawn Barga

Find out who the Repair company was that they used and then call and ask what their general service call diagnostic fee is. 

That is way too much for a general diagnostic fee. You should always have a set limit the PM can approve and anything beyond that you have to approve it. 

Well it would go something just like this: What I would like is all information like: Current and past Rental History including Rental Rates and Vacancy Rates. What utilities are included, and what utilities are not included. P&L Statements current and past, Area Comps for the property, any other item(s) the owner is paying for outside of the normal utilities as in landscaping, internet etc. A list of past Capital Expenditures what was bought, repaired or fixed and the date they took place. Is there any owner financing, are they managing this property themselves or what property management company are they using. Is this property currently being rented or are their any units that need fixing up or are any repairs or items that need to be updated. Has anyone taken any video or drone footage. What is the actual current and past property taxes and Insurance rates. Are any of the units section 8. Do you have any information on the surrounding areas, industry there etc. Why is the current owner Selling this property and do they have any more properties in their portfolio that they want to sell. 

I understand that most properties may not have all of this information, and some of it I can get myself, but any agent should be able to get me the rest of it so i can run factual numbers to see if each property could have positive cash flow. If I was an agent I could easily get this information, since all of my past RE agents I have worked with here in Las Vegas have easily been able to gather all information and current rates and numbers for me. Even when i purchased my first two homes in California, never had any issues with agents being able to gather all the information I ever needed.

Maybe they just do things differently there in Ohio. 

It pains me to no end when you have the credit score, the capital, can get private secured and unsecured as well as bank loan funding that when I want to go after deals that you think may make sense and actually cash flow, every real estate agent I have tried to talk to in Ohio seems to not want to pull up and send me any of the actual specific information for any of the properties I have inquired about. When I ask a selling agent they are very vague. When i ask a buyers agent they say go ask the sellers agent. LOL, I have never ever experienced this in my life. Now, I am living in Las Vegas, and these would be OOS deals, but i think just about all investors know the Ohio market is THE market to go to for right now. And there are several deals outside of the bigger Ohio cities. Are there any Ohio RE agents here as well as PM's that would like to contact me or work with me to find at least one property to start with. Surely this should be easy to fix right or are there so many buyers that they just don't care? smh

Just an update Final BID was $183k pending review. Where did you see that it was rented out for a total of $1350 a month? Was that for both sides of the duplex? That is ulta low rents even in high crime areas. And no it was not on auction.com like someone tried to assume they knew all about it which they didn't. Thanks for the feedback, but those rents would need to be verified as it sure doesn't sound right for that area. 

Hi there. I myself am looking for a multi-plex here in Las Vegas, and it would depend on what you consider as being able to cash flow. I have personally ran the numbers on well over 100 multi unit properties here in Las Vegas, and if you are going to be using FHA or Conventional Financing with 3.5% to 5% down, at their present asking prices not even one will cash flow. If you pay all cash anything will cash flow. Anything really in good shape in a decent area all cash buyers are buying those up quickly. If you buy in the higher crime areas you will still have to offer at least 75% of the offering price in order to cash flow. That is based on what I have personally seen the last couple months. Feel free to contact me back @shawnbarga and good luck

Hey everyone. I live in Las Vegas, and have been tirelessly searching for a multi-unit complex or sfh that will cash flow. So far all I can do is keep putting in low bids as the prices they are asking for will not cash flow anything. 

What i wanted to ask is if there is anyone in the Miami, Florida Dade County area that is looking for a short sale property that I happen to of found on an auction site. It is a small Duplex, 2-1bd/1ba units, in Northern Miami. It looks in very nice shape in the photos (but we know you can't go by them) The starting bid price is at $65k. From what i have researched the rents in the city of Miami are ranging from $1900 for a 1bd and $2500 for a 2bd on average. I have no idea what this duplex would rent for but It sure looks like it has potential to cash flow. Since it is a short sale and on auction it is available for financing so that is a huge plus. 

Wow. I just read all of the comments and suggestions here, and not one actually was concerned about being a professional and ethical landlord. First how old was the stove/oven? Second it's not the tenant's fault they live in a rent controlled building neighborhood. And since they have consistently paid their rents on time for at least the last 7 years you could have bought them a new $500 stove/oven. I would never just half clean a used oven/stove and just expect a great tenant to accept that. If I was the tenant I would feel like you don't respect me at all and are just trying to get me to move out so you can be able to rent out the unit at the current way over inflated rental prices. I understand the tenant should not have mentioned about holding back rent and you would ultimately prevail in court, but is that the type of landlord you want to be? I feel you should see both sides first and not just look at how much rent you are losing when it is no fault of the great tenant having paid on time.

It depends on what kind or type of financing you are looking for. I am looking for the same here in Las Vegas. I would suggest you go to the Nevada Housing Website found at: http://www.homeispossiblenv.org/ Even if you cant qualify for the home is possible grant they have a huge list of smaller lenders that i am sure you can qualify with. Let me know what you think.

Hey welcome to biggerpockets. I am also pretty new here and have been looking to buy a multi unit complex two to four units owner occupied using FHA or conventional home is possible loan. All of the ones I have seen off the MLS are way over priced so I have been putting in low offers that would make it possible for me to cash flow. I would suggest running the numbers and make offers based on what you can safely still be able to cash flow $100 to $200 a unit. These out of state owners are being led by greedy real estate agents and these multi units are just sitting idle on the market here, all over priced, run down and in the highest crime areas. I did see one 4 plex cone on the market for $150k, but it only lasted 3 minutes as the buying and selling agents already had the deal written up and it went into contract as soon as it went on the MLS. You gotta love insider information. Contact me if you would like to connect and go over what each of us is seeing on the markets here in Las Vegas.