All Forum Posts by: Stanford Neal Mead

https://drive.google.com/open?id=1YDDs9tWrXDIYxwtioKaSRjjqsjHa_1G0

Hi folks! We walked this property today, but couldn’t get inside because our realtor had an emergency. Here’s a link with some more details. We are still strongly considering this one. It doesn’t need a ton of work. The owner inherited it, and just ran out of energy trying to fix it up himself. All units are currently vacant, so we could get in there and renovate everything. https://drive.google.com/open?id=1YDDs9tWrXDIYxwtioKaSRjjqsjHa_1G0

@Nigel Prentice all excellent questions, thanks! I’ll try to get them all answered by this afternoon.

@Rustam Uktamov that’s a really good question. You may be right. Im consulting with a lender today to get more info.

@Kate J. Vacancy might be one of the major downsides of this area - could be in the 8-10% range. Great question.

I really need to start posting from my pc and not my mobile. Sorry for the wall of text!

@Collin Schwartz great questions. Recent comps I found sold for $61-66 per square foot, this one is selling for $41/sf. All utilities are on separate meters except for water I believe. Built for multi-family use in 1946. Here is some demographic info. Vacancy rates might be one of the major downsides here, in addition to low population/job growth. The property is located near Main Street and the local college campus... pretty good location for this small town. POPULATION: 14,096 UP 6% SINCE 2000 AVERAGE INCOME: $59,823 PER YEAR AVERAGE AGE: 33 YEARS GENDER: 50% MALE 50% FEMALE HOUSEHOLDS: 5,099 36% WITH CHILDREN AVERAGE VALUE: $141,509 OCCUPANCY: 70% OWNED 30% RENTED 13% VACANT AVG. RESIDENCY: 17 YEARS EDUCATION: 28% HIGH SCHOOL 13% ASSOCIATE 9% BACHELOR 4% GRADUATE CRIME RATE: Above Average

@Migeul Obramowitz thanks for the... contribution?? As stated in my post, I’m happy to answer questions and provide more information upon request.

@Arlan Potter thanks for the reply. We’re walking the property this week. On the surface, it’s looking like a solid deal.

Good evening, BP. My wife and I need some help evaluating a potential investment property in my old hometown. Here are the basics, please let me know if you have any additional questions and I’ll do my best to answer: 227k purchase price, 9 units, 4800 gross monthly rents, needs 60-70k in repairs, 350k ARV, the possibility of additional income from an on-site coin-op laundry facility ($250-300)... those are the nuts and bolts. We’re considering an FHA 203k rehab loan, and are planning to self-manage initially. Please let me know what you think!