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12 June 2024 | 7 replies
Building Details:- 2 on bottom 2 on top - 3/1.5 ba 1100sqft - 7 yr roof - prob $35k - 50k total work/updates to make awesome.- Neighborhood ~ C- but a C- area here doesn't mean too much, smallish town ~ only about 50k peoplePurchase Price: $660,000Appraised Value at Purchase: $730,000Interest Rate: 6.625% - 30 year fixedDown Payment: 10% / $66,000Cost to Make Rent Ready: $14,000P&I - $3803 T&I - $898Total PITI - $4701/moCapEx, Vacancy, Maintenance - $1099/moTotal Monthly Costs - $5800/moCurrent Rents - $3800 (3 units)Fair Rents ~ $5000 but will likely only charge ~ $4500 to start.
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12 June 2024 | 9 replies
What are the ways to reduce putting down payment amount less than 25% for multifamily buildings with 6+ units?
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13 June 2024 | 7 replies
IMO- Building a relationship and speaking with them.
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14 June 2024 | 13 replies
My background is in build software, when my last company sold I got into real estate and didn't like the options.I'd love to hear about exactly what you are looking for, even if you don't use our product.DM me here if you are interested.
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12 June 2024 | 4 replies
I am looking for suggestions on how to host these on a platform using AI and other new technology to help people match with a lender or build a list of investors for multi family, self storage, assisted living, short term rentals, mobile home parks, new construction etc.
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12 June 2024 | 7 replies
I went to the building and saw where they can get into the building but not necessarily the vents.
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11 June 2024 | 3 replies
Started work with a family member who did not complete itHired new contractor (Norman Downer) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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13 June 2024 | 14 replies
Since Terrance wasn't doing anything to get contractors to do the work and we were loosing money on it, we sold it for around the price Invictus purchased it for, which did not include the renovation money.
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12 June 2024 | 11 replies
I like it vs doing an older building where you're spot fixing problems and are hoping nothing to signicant is hiding in walls.
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12 June 2024 | 8 replies
I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town. 8 standard 2/1 apartments - Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k Cap: 10 (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth, 34k/yrCurrent Cash flow: 531/mth, 6,378/yrAfter reno Cash Flow: 2131/mth, 25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).