All Forum Posts by: Johnny P.

I'm guessing you work with Chris

TD Bank works great with Canadian Investors.  I've also recently closed a deal with a canadian borrower with Fairwinds.  

10 yr ammo is harsh!  Why not just use traditional bank financing and get 25.  $650 a month cash flow is tight and will probably end in you stroking a check every month.

why do you think the rents are so low?  If its so easy to raise rents why hasn't the current owner done so?  Owners tell me this 99% of the time and it drives me crazy.  The only case i've seen where this was accurate was an owner renting out units to his relatives.

It seems like you're asking for something that is VERY hard to find... a 20% cash on cash in a good area?  i'd say look on loopnet and call the brokers with the most apartments for sale then make offers!

 Expenses seem low. Did you include vacancy in your underwriting? Did you gross up the taxes for the new purchase price?  Is the insurance quote correct?  Did you include a management fee?  repairs and maintenance?

Are you saying 10 yr amortization or balloon?

Hey Tony, 

Whats wrong with buying a stabilized property and making a 15% cash on cash return? 

I have a 16 unit in DeLand for sale at at 9.7 cap day one with upside in occupancy...

The deals are out there!

In my opinion the problem with smaller deals is huge amount of inventory and severe lack of understanding in underwriting with the owners , buyers & agents.  

way overpriced, 100k a unit for $750 rents doesn't make sense

look at the 2013 schedule E. make sure the numbers are right first.

There are MULTIPLE agents that spend ALL DAY contacting these owners and listing properties for sale. The odds of you sending out a mailer and reaching someone who is ready to sell off market and below market values are very slim.

Obviously it could happen but why not just make offers on properties that are already listed for sale?

My experience has been as follows -

appraiser calls me and asks for the contract and all property info

then it magically appraises for exactly what it was in contract at

i think they are worthless and should just pay me for a BOV instead