All Forum Posts by: Tyion Bridgeman

I would say it's worth 7-8 million but I don't know the local cap rates for apartment complexes in Ga. With an NOI of 618k an 8% cap gives it a 7.725M valuation. How old is the property, what grade building and neighborhood is it? Also are those the full expenses? They seem a little low but if they are true that's great.

Yea I'm also getting 3800 a month assuming low maintenance cost to give you around an 8% cap

Ask a local realtor if they have a standard contract for the area then use that. It's the best way to ensure you don't get in trouble becaus it has already been reviewed by lawyers and approved. That's what us realtors use for the same reasons, we aren't legal experts.

I used real estate express last year. It was the cheapest I could find though I can't remember the price. It's entirely online at your own pace. You have readings and small quizzes where the grades don't matter for each unit. Once you think you learned everything in the unit you take the test on it. Like 60 units. It prepared me pretty well for the state which I passed on the first try.

The financial benefits are clearly in favor of homesteading this property. You only have to put 20% down instead of 25% and then you lock in that 3.5% rate over the life of the loan. Dropping your mortgage payment from 950 to 898 increasing cash flow $52. You do sacrifice one units rent but like @Nicholas Moffett pointed out you're saving what you would have been spending on your own rent or mortgage. 

If the unit in the 4plex works for you and your family just stick it out for a year. It'll definitely be worth it in the log run. 

Hi @Darsh Patel,

I'm a broker here in Illinois and we have some great rental markets out here. What type of investments are you looking for; price, units, cap, class? I'd love to see if we have anything here that could work for you. 

If it's a good property with good tenants then off a price where the deal makes sense to you if they don't accept move on

Are you trying to purchase this solely as an investment property? That's most likely why the high credit requirements. Most banks can get a 640 or even a 620 a loan I know some that can even do a 600 for primary residence. How bout instead of looking for a SFH as an investment property you look into a small 2-4 unit. If you live in one unit you still qualify for owner occupier financing which is easier.

Yea those numbers aren't that great. Your looking at about 4% COC & 7%> Cap. Is the area expected to appreciate quickly?

Sounds good send me the pics when you get a chance