All Forum Posts by: Shannon R

69 unit elevator building with a mix of 2/3/4/5 bed,some are rent stabilized. Building has alot of violations.

GPR - $914,479, after 11% vacancy $813,886(current)

Taxes $79,884
INS $17,500
Repairs $85,000
Labor $22,425
Oil $42,791
Electric $15,410
Water $18000
Sewer $18000
Misc $12,208

NOI $502,488, asking price $5.2 million

Are these numbers accurate for this type of building?

Does anybody know about these cash gifting groups? I see alot of good and bad over the net and thought I'd ask here.

Uwe,
I'm interested, send me the info for both. That is Queens, Ny correct? I'm not interested in mixed use properties, but I know of a few people that might be.

Jon,

It would be $1.5 million to the seller with the purchase price raised to cover the DPA at closing.

Yes, from Main to Florida. Preferably owner financed, can do conventional as long as it works with a DPA program. Looking in the $1-10million price range....for now.

I understand. I started at $1,200,000 and stopped at $1,400,000 which was rejected right off of the bat.

Uwe, I open to just about anything on the East Coast, 30 units or more.

Not that it matters, but they are asking $1.7 million. My last offer was $1.4 which is about a 9% cap with 20% down. I was thinking a $1.5 million offer as my max. At that number, I still get decent cashflow and a DCR of 1.30.

Uwe,

Those are actual numbers.

32 unit, 2bed/1bath Complex, built in 1985
Gross rents, laundry, garage rental $242608
5% vacancy $229978
NOI $128,589

Property is in good condition.
Rents are the lowest in then area.

What would be your max offer using DPA?

- Wholesale 15 houses
- Flip 4 houses
- Close on 200 units
- Get Real Estate License