Healthcare/real estate · Toronto, ON · Member since 2015 · 9 posts · 7 votes
Hi All,
I'm looking to buy my first multi-residential/commercial property but so far it's been very challenging and time-consuming to find a great opportunity. I'm wondering if there are any CCIM designated broker, real estate agents or wholesalers here who are willing to assist me. My preferred locations are Florida, Chicago or Texas. Minimum 20 units; minimum cap rate 10%. Thanks in advance.
Rental Property Investor · Asheville, NC · Member since 2015 · 307 posts · 127 votes
10y
@Account Closed,
Rather than reading my detailed post above to answer your question, you've simply continued your attack on my credibility...not too sure what I did to you to cause you to make an *** of yourself...but that's not my problem. To AGAIN answer your question. Depending on the specific market (Tampa, central FL, Sarasota, etc.), and the class of property (A-D), there is a market CAP rate, and therefore anticipated NOI. This is Real Estate 101! If you're buying a class D property at 5% and expecting appreciation like a class A, you will be in for one hell of a shock when you go to sell! THAT is the overpaying "worst" investor you're speaking of above. To again attempt to educate you on my markets :
For central Fl, Class C & D properties/MHPs, the current CAP rate is 11%-13%.
For Tampa, Class C & D properties, the current CAP rate is 9%-10%.
For Sarasota B properties, the current CAP rate is 4%-5%. For C & D, 7%-9%.
For Leon county (Tallahassee), B class apartment complexes are trading for 8%-9% due to the demand for student housing.
Again, assuming you know what you're talking about (3.3K posts, you shouldn't always be such a hard headed individual), you should be aware that you can beat the market, or lose depending on the current demand (CAP rates shifting due to increased/decreased demand), or a distressed seller/buyer purchasing on emotion.
The above rates are pulled directly from the various Realtor sold metrics, specifically GTAR (Greater Tampa Association of Realtors), RASM (Realtor Association of Sarasota and Manatee), and EPCAR (East Polk County Association of Realtors).
Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
10y
You Brokers use list price as comps? That is so wrong. See Real Estate 101. LOL!
I don't see any NOI analysis on ANY of the sold comps. Hell, I don't see any NOI. Yes you are wasting your time because you can not support your statements.
Rental Property Investor · Asheville, NC · Member since 2015 · 307 posts · 127 votes
10y
Sales price, as well as list for metrics posted, declared NOI in listings. There's no pleasing you, it's midnight EST, and I'm through wasting my time on your stupidity. You will never be purchasing from me, nor do I plan on working with you. I'm tired of proving my point to you for your continued asinine comments. If you still want to take this up in the morning, contact several commercial agents in the three markets listed. Other than that, have a great night.
Sales price, as well as list for metrics posted, declared NOI in listings. There's no pleasing you, it's midnight EST, and I'm through wasting my time on your stupidity. You will never be purchasing from me, nor do I plan on working with you. I'm tired of proving my point to you for your continued asinine comments. If you still want to take this up in the morning, contact several commercial agents in the three markets listed. Other than that, have a great night.
So as a Broker you use "declared" NOI and listing price to determine market cap rate! Geez, just that one listing with and asking price of $225,000 only sold for $155,000. Good luck calculating anything from that. But you keep saying you are answering my questions but never follow thru with an answer. You are not proving anything except that your clients might end up "Broker" working with you.
It's only 6:00 pm here so heading to Magic Island for fireworks. Maybe you'll come up with some answers by tomorrow.
Rental Property Investor · Asheville, NC · Member since 2015 · 307 posts · 127 votes
10y
Bob,
If you have a specific request, I'll be happy to send a CA/NCND, and full financials proving whatever market you have an interest in. As it stands, I've stated and proved my position using sold listings, as well as currently listed properties. Remind me one more time why you're so interested in this infornation?
Furthermore, the OP was in regards to assistance in finding properties for purchase. As you haven't listed a license, nor reside in any of the three markets mentioned by the OP, how can you in any way assist? From your actions tonight, I have to assume you are just a crotchedy retiree with nothing better to do than pick a fight over a market several hundred miles from your stated home base.
And for the record, FOR A CLIENT, no, I would not be establishing market CAP just from "declared NOI and listing [sales] price".
If a client has an interest in an asset, sales comps (no older than 90 days) are pulled showing sales price, rent rolls, & P&Ls, to determine CAP. Said CAP is then put against current NOI for the given asset determining whether or not the asset of interest is within current market parameters. If it isn't, either a below list offer is made, or it's back to searching for a suitable potential property.
You, however, are NOT a client, you have no intention of purchasing a property (Do you work for free?), plus we're on a holiday, on the tail end of a holiday weekend!
As it stands, I have provided you metrics from three Realtor's associations, true listings, both current and sold, and given you a breakdown on two of my personal properties.
I don't know what else I can do to humour you, nor do I care. Have a good night.