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All Forum Posts by: William Thorn

William Thorn has started 8 posts and replied 35 times.

Post: I woke up with $1.1 million equity and have NO idea what to do.

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@Dennis Nikolaev

I have also been investing in San Diego for many years and have benefited from the significant appreciation. I had 4 apartment buildings, 3-4plexes and a 10 unit, at the beginning of the year and I have sold 2 of the 4 plexes. I have a third one on the market and will probably sell the 10 unit next year. My personal opinion is we are at or close to the peak so I’m selling the 4 unit buildings since they are based on comps unlike a 5+ unit buildings. All my buildings cash flow but minimal compared to the equity I have in the buildings. My first building cash flowed about $1,000 a month but I netted about $300,000 when I sold. The other 2 four unit buildings are similar. I’m also selling the 10 unit because cash flow is minimal again compared to equity and I would rather invest out of state to get higher cash flow, no rent control, scale and landlord friendly laws. We got in at a good time and I’m trying to get out at a good time. It’s not easy investing out of state but many people are successful doing it. I haven’t bought out of state but I have been researching and networking everyday. Good luck!

Post: What down payment is required for an apartment building?

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@A Schwartz

There are many factors lenders looks at to determine the down payment but most want to see a 1.2x DSCR (Debt Service Coverage Ratio). If a property has a NOI (Net Operating Income) of $100,000 annually but the loan payments are $100,000 annually then that's a DSCR of 1. Most banks will want to see an NOI of $120,000 annually for a property that has $100,000 annually in loan payments.

Post: Attorney Recommendations ?

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@Bob Okenwa

Gene Kadish with Kadish and Anthony Law group. His number is (480)967-2688.

Post: meet up in Greenwood Indiana

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@Stace Hill

Hi, do you have any good recommendations for a PM on a 32 unit in Greenwood?

Thank you

Post: Long Distance Investing

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@Kent Ritter

Hi Kent, are you purchasing multifamily in Indy?

Thanks

Post: 1031 Exchange - Seeking Upleg

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

I’m in the same position here in San Diego. I sold a 4 unit in April and have my other 2- 4 unit buildings in escrow. I couldn’t find an upleg on the first building and not sure if I’ll find one for the other 2 buildings. I’m looking in the Midwest because I’m sure the statewide rent control is going to pass and I’m sure that’s just the beginning of what they want to do.

Post: CA investing in this current climate

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

@Jason Graves I just sold a 4 unit in San Diego and have my other 2- 4 unit buildings listed. I’m looking in other states and if your willing to give me the contact info for a good broker I would appreciate it. Thank you.

Post: I’m under contract and just found out the seller is being sued.

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

Thank you for all the information!

Post: I’m under contract and just found out the seller is being sued.

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

I’m under contract on a 22 unit apartment building in Phoenix. I have my inspection tomorrow and met with the broker today and he said they were just sent a letter from a lawyer saying the seller going to be sued relating to a separate business he’s involved in. He stated the apartment building is part of the lawsuit so I’m not sure if it’s listed as an asset and that’s why it was in the letter. I have very limited information obviously. I let escrow know and they said there aren’t any liens related to the building however I should seek legal advise which I’m planning on. Has anyone had a similar situation or have additional advise? Thank you.

Post: Real Estate Investor Bio

William ThornPosted
  • Rental Property Investor
  • San Diego, CA
  • Posts 37
  • Votes 37

Thank you!