Have apartment buyersâ€“need properties countrywide!!

Hi
I'm a property scout for a large group of investors who buy apartment buildings across the country. $120K+/year cash flow, $30K cash flow/million qualifies. Of course, seller financing is a major plus.

Edited: 06/26/2010 at 07:56AM

Ryan Johnson

Residential Real Estate Broker · Indianapolis, Indiana

18 posts
97 Influence
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Icon_minipost Apr 16 '09, 04:39 AM

Troy, are you looking for properties that are already cash flowing or are you interested in apartment buildings that are fixer uppers also?

Edited: 06/26/2010 at 07:57AM

Troy Stange

Real Estate Investor · Portland, Oregon

54 posts
15 Influence
2 Awards

Icon_minipost Apr 16 '09, 05:39 AM

RJ
No fixer uppers-investors want to buy proven cash flow.

Edited: 06/26/2010 at 07:57AM

K Richards

Real Estate Investor · Long Beach, California

3 posts

Icon_minipost Apr 17 '09, 06:13 AM

I have a 36 unit in Los Angeles, it doesn't meet your cashflow requirements but it does have positive cashflow & there's financing in place w/ 15% down.
Let me know if you'd like more info...

Edited: 06/26/2010 at 07:58AM

Troy Stange

Real Estate Investor · Portland, Oregon

54 posts
15 Influence
2 Awards

Icon_minipost Apr 17 '09, 07:21 AM

Probably not unless its really close-my group is very specific about their needs.

Keep me in mind for your other deals though!

Edited: 06/26/2010 at 07:58AM

Jason Gray

Real Estate Investor · Fresno, California

124 posts
436 Influence
2 Awards

Icon_minipost Apr 25 '09, 12:20 AM

I have a list of properties in FL that may fit your needs. Seller Financing may be available depending on down. Contact me off line.

Edited: 06/26/2010 at 08:02AM

Mario Pau

Real Estate Investor · Los Angeles, California

49 posts
200 Influence
1 Award

Icon_minipost Apr 27 '09, 11:31 AM

K Richards can you PM me with your contact information. I can't PM you.
Thanks

Edited: 06/26/2010 at 08:03AM

Eric Clark

Real Estate Investor · Wilmington, Delaware

45 posts
14 Influence
1 Award

Icon_minipost Apr 27 '09, 10:00 PM

Troy,

How much dose your client want to spend?

I have access to two 100+ unit properties in the Dallas area that are cash flowing.

They are entertaining the thought of owner financing,but it depends on the percentage of the down payment.

Let me know you thoughts.

Edited: 06/26/2010 at 08:04AM

Jonah Wilhelm

Commercial Real Estate Broker · Seattle, Washington

18 posts
25 Influence
1 Award

Icon_minipost Apr 28 '09, 02:36 PM

I have a 37 unit in Seattle. $364,000 + in gross income. $3,200,000 is the asking but he will look at a reasonable offer. And rates as low as 5.5% make it cash flow well. He will also carry back up to 250K.

Edited: 06/26/2010 at 08:04AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Apr 28 '09, 03:00 PM

Originally posted by Jonah Wilhelm

I have a 37 unit in Seattle. $364,000 + in gross income. $3,200,000 is the asking but he will look at a reasonable offer. And rates as low as 5.5% make it cash flow well. He will also carry back up to 250K.

What's the NOI of that complex?

Edited: 06/26/2010 at 08:04AM

Jonah Wilhelm

Commercial Real Estate Broker · Seattle, Washington

18 posts
25 Influence
1 Award

Icon_minipost Apr 29 '09, 12:59 AM

$226,841

Edited: 06/26/2010 at 08:05AM

Jonah Wilhelm

Commercial Real Estate Broker · Seattle, Washington

18 posts
25 Influence
1 Award

Icon_minipost Apr 29 '09, 01:01 AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Apr 29 '09, 04:42 AM

Originally posted by Jonah Wilhelm

$226,841

So it's a 7% cap hmmm I would have to analyze this further just to see if it's a liable investment.

Edited: 06/26/2010 at 08:05AM

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost Apr 29 '09, 05:21 AM

$3.2M for 37 doors is not a good investment in my opinion and a 7 cap is not going to cash flow.
Also, 37.7% operating expenses is not really possible for an apartment complex of 37 units. Someone is leaving out lots of expenses and the NOI could not possibly be that high given the gross figures.

Edited: 06/26/2010 at 08:05AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Jonah Wilhelm

Commercial Real Estate Broker · Seattle, Washington

18 posts
25 Influence
1 Award

Icon_minipost Apr 29 '09, 06:17 AM

Says the guy from California. This building has no Vacancy the On-site Manager has it running very tight and gets the expenses done cheap. We in Seattle do not have the rampant vacancy you get in other states. I have all of the actual expenses and rental income if you would like to see it. With a Cap rate between 7.2 & 7.4 and an realistic interest rate of 5.5% this building cash flows at around 65K per year which is a 7.9% cash on cash return. The reason Seattle CAPS are still lower then California is that the risk is lower. Your DSCR rate is still better than 1.25%

Edited: 06/26/2010 at 08:05AM

Beverly Richardson

Real Estate Investor · Rancho Cucamonga, California

29 posts
199 Influence
2 Awards

Icon_minipost Jun 26 '09, 06:04 AM

Troy,

Are you still interested in commerical property. I have some units available. Please sent me an email at and I will email you the information. Thanks.

Edited: 06/26/2010 at 08:45AM

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost Jun 26 '09, 08:18 AM

Originally posted by Jonah

Says the guy from California.

Thats right, I said it and it stems from enough experience to know what I am talking about.

Originally posted by Jonah

This building has no Vacancy the On-site Manager has it running very tight and gets the expenses done cheap.

I am not questioning the current 100% occupancy what I am saying is over time, you can not ever expect to ALWAYS have 100% occupancy. Besides, where is the upside to improvments on 100% occupied? Running a tight ship? Thats great, but can that last forever? Will there NEVER be large expenses or unexpectd items fail costing money?

Originally posted by Johan

With a Cap rate between 7.2 & 7.4 and an realistic interest rate of 5.5% this building cash flows at around 65K per year which is a 7.9% cash on cash return.

I'm sorry but 5.5% fixed interst arte is not "realistic" on a multiunit apartment building, in ANY state! Also, I have no idea about what kinds of returns you jump for joy at but 7.9% does not even come close to making me excited!

Bottom line, you can claim "best case scenarios" all you want, the truth always comes out over time and us "experienced investors" know that, no matter what state you are in!

Edited: 06/26/2010 at 08:45AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

H Mann

Real Estate Investor · Bay Area, California

211 posts
1575 Influence
2 Awards

Icon_minipost Jun 27 '09, 09:01 AM

Troy, are you still looking?

http://www.biggerpockets.com/forums/110/topics/34716-apartment-complex-funding-and-or-investor-needed-

Edited: 06/26/2010 at 08:46AM

Troy Stange

Real Estate Investor · Portland, Oregon

54 posts
15 Influence
2 Awards

Icon_minipost Jun 27 '09, 09:21 AM

Originally posted by H Mann

Troy, are you still looking?

http://www.biggerpockets.com/forums/110/topics/34716-apartment-complex-funding-and-or-investor-needed-

Sure am.

Edited: 06/26/2010 at 08:46AM

H Mann

Real Estate Investor · Bay Area, California

211 posts
1575 Influence
2 Awards

Icon_minipost Jun 28 '09, 06:43 PM

^ check out the info in that link I provided.

Edited: 06/26/2010 at 08:47AM

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