All Forum Posts by: Whitney Sewell

@Carter Melvin thank you for inquiring.  We are in the process now of doing some due diligence and hope to close in the next couple weeks .  Closing maybe pushed out to the first  of the month. The seller is very ill so we need to make it happen quick but he is also not able to provide information like I would normally expect. I will try to give you another update in a few weeks.

You mentioned you purchased a property in Norfolk, how is that property going? How is your management company treating you and your property? I wanted to thank you also for the information you provided in your earlier post.

Wow, thank you @Len Roche and @Carter Melvin for your help!

My mentor and I have been going over the numbers together. I have provided him with this report and many other configurations.  

I am in the process now of getting better numbers on expenses. 

Tenants currently pay their utilities.

I will confirm the taxes.

I would appreciate any help or guidance in analyzing the property below. Here are some details.

Seller asking $300,000. He is living in three of the units, is elderly, and would like to stay there. He is selling because of his health.  He stated he would be satisfied with only two units if he could stay.

I am new to investing but have met a mentor who has almost 100 single-family homes who has offered for me to partner with him half and half on this property.

The current rents are $300 per door. All units are 1-bedroom 1-bath.

A small apartment building across the street has similar one bedroom units renting for $370 per month. This property has been well maintained and had a new roof put on four years ago.

The biggest repairs I see are possible electrical update in one building and some Decks that need replacing on the outside.

I see value ad because of the low rents and could possibly add covered parking or storage to increase the NOI. Seller's motivation is to stay and only selling because of Health problems.

This seems like an incredible opportunity for me to partner with someone so experienced. He also already has all procedures in place for landlording.

The analysis below is with $300 per door purchasing at the assessment price of 260,000. I believe we can purchase it at this price working something out for the seller to live there. Any ideas of creative financing or other ideas to work this deal will be greatly appreciated. The biggest negative is the market in this area. The market is not that great at this property seems well below Market rents as it is. The current seller has owned the property for almost 40 years and has not raised rents for many many years. It has stayed rented and some tenants have been there close to 20 years.

Is this a great opportunity and should jump at the opportunity to partner on this deal or not?

There are two buildings almost identical. The second building faces the one in the picture.

Thank you in advance.

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Thank you @Jonathan Towell for the advice.

It wasn't my intention to discount the value of the investor I was talking about. He is very trustworthy and very exprienced. I just wanted to make sure a partnership is the right answer for both of us long term.  I am thrilled to have the opportunity to partner with him on this deal if the numbers work. Thank you again!

I would appreciate any help or guidance in analyzing the property below. Here are some details.

Seller asking $300,000. He is living in three of the units, is elderly, and would like to stay there. He is selling because of his health.  He stated he would be satisfied with only two units if he could stay.

I am new to investing but have met a mentor who has almost 100 single-family homes who has offered for me to partner with him half and half on this property. He has no large multi-family properties. Larger than 4 units.

The current rents are $300 per door. All units are 1-bedroom 1-bath.

A small apartment building across the street has similar one bedroom units renting for $370 per month. This property has been well maintained and had a new roof put on four years ago.

The biggest repairs I see are possible electrical update in one building and some Decks that need replacing on the outside.

I see value ad because of the low rents and could possibly add covered parking or storage to increase the NOI. Seller's motivation is to stay and only selling because of Health problems.

This seems like an incredible opportunity for me to partner with someone so experienced although I know his experience is not with large multifamily. Although he already has all procedures in place for landlording.

The analysis below is with $300 per door purchasing at the assessment price of 260,000. I believe we can purchase it at this price working something out for the seller to live there. Any ideas of creative financing or other ideas to work this deal will be greatly appreciated. The biggest negative is the market in this area. The market is not that great at this property seems well below Market rents as it is. The current seller has owned the property for almost 40 years and has not raised rents for many many years. It has stayed rented and some tenants have been there close to 20 years.

Is this a great opportunity and should jump at the opportunity to partner on this deal or not?

There are two buildings almost identical. The second building faces the one in the picture.

Thank you in advance.