All Forum Posts by: William Thorn

Hello,

Does anyone have a template or example of a “Real Estate Investor Biography?” My loan broker is requesting one before he submits my package to the lenders so any help would be appreciated.

Thank you!

Absolutely the DD is very important.  I was under contract for and 8 unit in Mid Town which was a very nice building but had to pull out during DD.  I drove out and inspected all the units.  There were a few reasons but one of the biggest was insurance.   I found out it was in a flood zone and that was $2,200+ a year and building insurance was $5,500 (5 insurance quotes and that was the cheapest).  The current owner doesn’t have flood since he bought it cash so that came up later.  I have 22 units on 4 separate properties in San Diego and pay less than $5k for all my units so I’m still confused about the insurance out there.  It’s so difficult to find a property at a reasonable numbers right now, who is actually buying these overpriced buildings?  Maybe I’m missing something...

Hi, I have done a fair amount of research on Phoenix multifamily but just received a deal in Avondale AZ. Does anyone know if that area is decent from an investment standpoint? It’s a 16 unit (8-2/1 and 8-1/1) listed for $1.425mil with average rents of $643. It appears to be a clean building and listing agent states market rents average about $750. Any info on the area or recommended property managers would be appreciated. Thank you.

Read up on the rent control measure in the upcoming election for National City.  Many people are listing properties at a discount because there is a good chance it will pass.  A friend of mine just sold a 4 plex in National City that was zoned for 8 additional units.  He looked into adding additional units and it absolutely didn’t make since cost wise.