All Forum Posts by: Stephen Franco

scam. if you need leads on good, individual lenders (not companies) that I have used for similar situations. or companies I personally have used, let me know.  

I would and have. except My "full retail" is often called "embarrasing" by sellers. lol

I do my math the same way on all rentals.  

income

- hard costs

-10% maintenance

-10% management

-10% vacancy

-$100/unit profit

rest goes to mortgage

amount that number can afford at 6.5 % 20 yrs is value.

unless appreciation figures in.

In my market, ROI/COC returns are 15-22%

Multi family veteran/trainer here, with some experience ( a building in braintree I'm selling) in commercial.  I'd love to network with you. 

My specialty (8 years) is in multifamily residential in PA cap rates (after 10/10/10 maint/vac/mgmt pads) exceeding 18%.

I do alot of these types deals...and they do add confusion. also, if there is another broker on the other end (meaning the buyer isn't represented by your broker) it may get sticky, and keeping everyone paid and clear of "selling real estate without a license" arguments requires careful and clear communication. However, it can be a huge win!

Great work, and keep it up! here to help if I can.

Recently, I got a call from an off-market rep (wholesaler), she was holding a POF (proof of funds) and LOI (Letter of Intent) on a property in Florida that her buyer wants. The "rep" (joker broker, one who can't deliver what's promised) that brought her the deal couldn't deliver the seller. She called me in desparation. Can I save the deal?

Yes, yes I can.  Armed with the Proof of Funds and Letter of Intent, I called the seller directly (this part is the hardest.  finding the decision maker) and said I have an offer...will you sell.  Turns out they had no intention of selling the property, but were open to an offer anyway.  This means the Joker Broker had broken alot of laws listing a property they had no legal interest in or permission to market, but not my problem.

Shortly thereafter, we got buyer and seller on the phone, and they began negotiating the deal.  Provided all due diligence passes and is done, I expect a close sometime in March.