All Forum Posts by: Johnny P.

Henry, what sized apartments are you looking at? If you're looing 10 units and under you can probably tie something up with 5k or less....

what is your end game with tying these up? Flip the deal? Syndicate the money and buy and hold? Buy something with a partner?

Hey Tyson, with apartments this size you will most likely be competing with REIT's who will come in and pay all cash. They are going to look at comparable complexes, study the rents, occupancy, and what the interiors are like, then estimate how much it will cost them in repairs to be at this level of occupancy. If its 15% occupied it sounds like it's been beaten and abused, I would guess around 10k a door in repairs, not including roofs.

What was your plan for this deal? Syndication? Buy, renovate, stabilize, and flip? Sourcing deals for other investors?

This is a price per door deal all day long, cap rate and income are out the window. It'll be entirely based on proforma

Can you tell me more about the commercial laundry? is this why you said 9-10 unit building? is it 9 multifamily units and 1 retail unit?

nice find. Best of luck with the deal.

Buy it for a 10 cap on current numbers. I would say 350k is overpriced.

yes a 15 cap would be very attractive. As long as the underwriting is accurate (at least 45% expenses and 10% vacancy). If its anything near parramore thats a different story.

Whats the price per unit?

Don't buy it, just flip it

This is insane! What do you guys think about this? Its for my home town of Orlando, FL.

Wow, this is very entertaining for me!

If anyone wants to know how it really works, feel free to ask me!

Most of the time I actually ADD expenses based on what the owner gives me. For example - Grossing up the taxes for a new buyer, increased repairs and maintenance expenses, management fee etc etc etc.

If you've ever met with an apartment owner, you'll find most of them will give you very low expenses that need to be adjusted for a new buyer.

Steve K I'm local to orlando, what deal did you see.. Dean Woods?

You're competing with very sophisticated brokers that do this for a living, its called building a database! Andrew is an agent... thats why he knows this! You are'nt going to spend a few hours poking around and find a smoking hot off market deal! ESPECIALLY a shopping center :). Don't waste your time

Hey Tony, I was in your office last week, maybe next time I'll run into you.

I'm excited to hear more about the actual loan. Keep us updated once you talk to the bank.

Tony, are you really planning getting a loan with 5-10% down... Best of Luck. I don't think this is realistic. Most of the banks are asking 25-35% for assets in this area. Also, do you expect the bank to sell the property directly to you without exposing it to the entire market? They want to be sure they are getting as much as possible before taking a loss like that.

Its nice to see that you are already trying to get into bigger apt deals, I hope things contiune to go well for you.