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Updated 3 days ago on . Most recent reply

User Stats

22
Posts
7
Votes
Elizabeth Bower
  • Rental Property Investor
  • Summersville, WV
7
Votes |
22
Posts

Great deal, large complex, no money down HELP

Elizabeth Bower
  • Rental Property Investor
  • Summersville, WV
Posted

First off I think it's a great deal but I could use a large complex owners eyes to make sure I'm not missing anything. Secondly, There's no way I have enough money to put for down payment. How would one be able to do this?

Property Description: 100 & 97 unit complexes being sold together with no price listed. Was originally sold in 2016 for 2.2 million . Since then it's had a few million dollars of updates.

Unit rents range between 900 and 1050 and are below market rent. 

Purchase Price: ?? 

Taxes: $40k annually 

Potential Monthly Rent Roll: $160,000+

Projected Expenses: 

Property Management Company 9% of monthly rent: $16,000

Monthly property maintenance, move-out & repair costs: $25,000

Projected PITIA: $39,000 monthly

Advertising, office supplies, etc: $5,000

Waste, pest services: $5,000

Legal fund: $5,000/ monthly

Monthly Projected Expenses: $95,000

Monthly Projected Rent Roll: $160,000

I'm sure I'm missing a lot. Help a girl out. I've got HR experience, flipping experience, small rental property experience and business management experience. Is this achievable? How would I even go about this without having money available for a down payment? 

  • Elizabeth Bower
  • Most Popular Reply

    User Stats

    10,124
    Posts
    7,013
    Votes
    Drew Sygit
    #1 All Forums Contributor
    • Property Manager
    • Royal Oak, MI
    7,013
    Votes |
    10,124
    Posts
    Drew Sygit
    #1 All Forums Contributor
    • Property Manager
    • Royal Oak, MI
    Replied

    @Elizabeth Bower believe it or not, you probably have people with the necessary funds in your network - you've just never needed to ask them!

    So, put together a snazzy presentation, you can now use AI to do it, and start asking people you know, who THEY KNOW that might be interested.

    Even if you don't succeed on this one, keep at it and you will network your way to the funds for the next one.

    business profile image
    Logical Property Management
    4.9 stars
    177 Reviews

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