Lastly, Myself and My partner are going to look at the property with the owner on Friday morning, if we like it we may shake his hand there and head to his attorney's office.Alright BP, do what you do best!

Ok, I have a property I just purchased a few months ago that I want some feedback on whether or not to refinance now or later.Situation:Property purchased 130k cash$10,227 in repairs"All in" cost so far $143,451 total including everythingRents for $975 through 6/30/2020 Cashflowing right now $730 if i include monthly property mgmt, insurance, and taxesARV after repair approx $180kRent will be raised to $1200-1300/month 7/1/2020Once refinanced, will cashflow $220-250 depending on rates.Cash on cash return between 27-63% depending on how things shake out on ARV(probably sounds crazy but this accounts for all in cost 143,451+closing cost to refi estimating 8,000-rental cashflow now until June 2020 5,840-refi cash out payment 138,000) Questions I want to get some opinions on:1.

Using the 90+ apartment complex as a my nearest and best comp, I worked the numbers on what it cost them to build and this is how it shakes out:Land Acquisition Cost   - $1,050,000 (Oct 2014) - 1.58 acresCost to Build (93 units) - $8,570,460Total Cost for project   - $9,620,460Cost to Build/Unit - $103,445.81Sold in Jan 2018 - $14,250,000New Value/Unit - $153,225.81Equity Gained - $4.63 milEquity/ Unit - $50kAverage Rental Value$945/mo ~ Studio (14 units/2 avail)$1,033/mo ~ 1 BR (53 units/full)$1,294/mo ~ 2 BR (26 units/2 avail)Occupancy: 89/93 = 95.7%Total Gross Monthly Rent: $99,035Total Gross Yearly Rent: $1,188,420$1,188,420/$14,250,000 = 8.34% Cap RateSo my project would be approximately 72 units based on zoning and density requirements from my comp.  

I will update this deal once we shake out the refi to see how much, if any, capital I have to leave in the deal.What made you interested in investing in this type of deal?

My goal is to meet new people who are fun and energetic.CheersBobby Shakes

I will certainly look back and shake my head at this deal, but I would rather do the first one poorly than not do it.

The stairs don't bounce, the treads aren't pulling from the wall stringer, the handrails and newel posts aren't waving around when you put your hand on them, the whole house doesn't shake when one apartment door is shut.I've been very shy of buying someone else's renovation work in 100 year old buildings, especially if it's from a  flipper. 

Not to mention potentially shake those relationships.One mroe thing, theres something about finding a great deal that almost forces you to find the money to secure it. 

I would go to as many real estate events as possible and shake hands with as many people (not just brokers) as possible.

@Ned Carey hit the nail on the head.. but there is so much to learn and its quite exciting to see, I suggest going to a few auctions shaking hands and asking questions .. get involved and create friends , build a buyers list and private money list at the same time.. good luck!