BiggerPockets

32 unit, 2bed/1bath Complex, built in 1985
Gross rents, laundry, garage rental $242608
5% vacancy $229978
NOI $128,589

Property is in good condition.
Rents are the lowest in then area.

What would be your max offer using DPA?

My Garland,,(dallas) TX 154 unit was 13% vacant. Through some new stategies, in 3 months , have reduced vacancies to 2%. Rich

Okay,
with a 10% CAP is the price then $1,280,000 million and you need to calculate with min 10% vacancy or 50% expenses.
I would offer $1,000,000 if the numbers correct.
Cash or financing, how much down then?

-Uwe

If you made a financing Shannon, then is a 9% CAP nothing. You have no financial scope if you lost 5% of the tenants as example.
With 20% down the highest bid should be $1,200,000 not more, but now you made an $1,400,000 offer this is the point of no return :(.

Where do you looking, only Philly and surrounded area entire PA, there are excellent deals in PA and with $250,000 down much more better than this.

-Uwe

I understand. I started at $1,200,000 and stopped at $1,400,000 which was rejected right off of the bat.

Uwe, I open to just about anything on the East Coast, 30 units or more.

Shannon,
Owner financed or normal? Whats your highest price?
And if you mean East coast, complete from Maine to Florida?

-Uwe

I'm curious about how your stated price for the deal above relates to the DPA. Do you mean you would have a purchase price of $1.5million on that deal, with (for example) $300K bring the DPA and $1.2 M as the loan? So the seller has to return the $300K to the DPA company? Or, do you mean the $1.5 million is the net to the seller, making the purchase price $1.85 or some such.

Okay Shannon,
I found following:
1. 360 units for $3,7 million in Columbus, OH, 85% occupied
2. 60 unit in Queens for $5,7 million, here you need a downpayment of $1,45 million

Then I know many running appartment buildings in Ohio, for under $1 million - pennys on the dollar here. If you have 20% down for a $10 million propertie you can buy these properties in cash.

Thats only a short search of me on weekend I have more time. You like mixed use builsings 27 units with 10 storefronts or so?

-Uwe

What strategy did you use to lower vacancy to 2%?