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Results (10,000+)
Shane H. Office Building broken into Office Condos - buyer beware or potential good deal?
11 June 2015 | 8 replies
Owner took out a mortgage in 2013 for $68k for the purchase of bothCondo association filed delinquent assessments on 3-24-15 this year for Floors:1, 5, 4 & 11 -- not sure why they did not file on some of the others - per my understanding the original developers are not paying either, however thats probably a moot point since it would be like attempting to get blood out of a turnip.Taxes per floor range in cost from $2700-$5100 -- the ones with lower assessments went and argued with the appraisers office once they bought out of foreclosureSpecials payable until 2023 of $4421 per floor  (once this is done - helps a bit with cash flow -- specials were used to change some windows, make street level improvements and upgrade the heating/air)Last Income statement I could get my hands on was from 2012 -- Expenses per floor at that time (doubt it's changed much except the owners association dues are likely higher to make up for the shortfall of the other deadbeats)Monthly expenses of $2500-3100I believe the mgmt company is ripping the condo owners off - charging $3575 per mo for the building for building maintenance, $3046.23 per mo for janitorial, $3300 per mo mgmt fee -- these are some big ticket items I could see cutting back on.So rough financials per floor per mo****************************************$3383      per mo rent (5800 * 7psf/12)   (676)     20% vacancy allowance   (643)     general/special taxes   (2600)     rough avg expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------(536)       rough loss per mo on a worst case scenario$4350 per mo rent (5800 * 9psf /12)   (652)   15% vacancy allowance   (643) general/special taxes    (2600) rough expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------455 cash flow per mo on a better case scenarioWhen you put pencil to paper this is not a good deal as it sits presently, however per my understanding - if every floor owner (or if the expenses for the building) were truly spread out over the 11 floors and all 11 floor owners (or one joint owner) was paying their share the monthly expenses could be cut quite a bit.  
Aaron Mazzrillo Which do you choose?
4 August 2015 | 29 replies
Green is my favorite color,but I would go red for the 50/50 shot with out a doubt
Sid Franklin Chicago/Illinois Property Tax Hikes Making Me Jittery About Investing
15 December 2017 | 203 replies
I doubt that Chicago will be driven to its knees like Detroit.
John Taylor Financing 4 years after bankruptcy
16 June 2015 | 2 replies
There’s a lot of brain power floating around these forums and I look forward to learning from all of you HI There John,1) I doubt it, but there may be a bank out there (its possible) that will entertain a non owner occupied HELOC on an investment property with less than 680-700 fico scores.
Rifat G. The best blogs
15 June 2015 | 10 replies
Bonjour RifatThe best living blog is with no doubts : Biggerpockets !!!!!
Mark Neiger Analysis please: 8 unit building
24 July 2015 | 75 replies
I doubt there is reliable market information to value this property by direct capitalization.
Kyle Gregg 203k Loan Officer misrepresentation, need help!
20 August 2015 | 49 replies
I doubt that you can do much about it since they are the ones holding the funds.
Han Gu Yet another Newbie who's looking to invest in Orlando
15 June 2015 | 6 replies
In Florida cement block houses last a very long time.
Andrew Auger Massachusetts Deal Analysis
22 June 2015 | 11 replies
Means premium rents for the unit sizes.Facts & AssumptionsOwner did major renovation approximately 5-8 years ago including roof, heating systems, water tanks, windows, and central air. 1BR units Heat is not separate, but has new energy efficient gas heater.No Comps are availableIn my opinion it is priced too high as if it was priced correctly, it would have sold, will attempt to push price down as I doubt it will appraiseI believe the maintenance amount provided is artificially high due to inclement winter weather, we had record snow this year.