Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
Price $138,500
Gross annual rent: $39,060
Income after 5% vacancy: $37,107
Annual Op Ex: $17,301 (incl maint and mgmt)
NOI : $19,806
30% down + approx closing costs $43,550
Annual debt service @5% = $6,245
Net Annual Cash flow: $13,561
Annual cash on cash ROI: 31.14%
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This is a sweet investment with abnormally large returns especially considering the effort it involves. This single level apartment building is near Indianapolis, IN. Little to no repairs needed. Well kept, owned by an older woman who is ready to relax and cash out. 8 units rented. Unit #9 has been used for owner storage but can be rented with minimal effort and investment. Full financial profile is ready for presentation. If you are interested you must: be ready to sign NDA and ready/able to close quickly.
PM me with inquiries and please include an email address that I can send NDA and financials to.
Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes
12y
Sounds like a great multi-fam deal in that market...what are the financing terms? We're returning $18k net on a smaller $60k deal creating affordable housing. Lot's of investors on BP will want to take a look at it! Happy Investing!
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
Additional detail. Financials are erring on the conservative side. Some of the rents are below market so there is EASY improvement here. I always under-promise and over-deliver than the other way around. My reputation is my most valuable asset!
Investor · Fort Wayne, IN · Member since 2012 · 276 posts · 77 votes
12y
Thanks @Jon Klaus my keywords alert just set off on Indiana and I didn't see it in my quick scan guess in the future I'll do a little more thorough reading!! :)
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@Mark Milan you and I exchanged some e-mails about one of your properties. @Shawn Holsapple asks why all the secrecy. I wondered that, too. I don't get why you're asking for NDAs and NCNDs. If you own this property or have it under contract your interest is protected. So, why all the secrecy?
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
@Jon Holdman
First: We are wholesaling this property and do have a contract.
But Good question. There are several reasons:
1- I work with a lot of investors and sellers across the country. Each has their own requirements and in this case one of the parties required that NDA be secured with our potential buyers.
2- I often do so to narrow the field and find out who is truly a potential buyer. Someone who will take the time to sign an NDA is likely not just kicking tires.
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
That is one of the other reasons. It doesn't happen often, but I've had people try. Im from NJ don't forget. I'd like to be more laid back (its my nature) but not always so easy to do here.
As for the info … that is on the NDA itself. It essentially keeps the details of the discussions and agreements between the parties involved in the transaction. Nothing outlandish.
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
This is a great opportunity so I don't want to let it die on the vine. For the many who have looked at this and had some interest… I would consider a JV on this property. If you are interested in the possibilities, PM me.
Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
12y
Mark Milan ,
Is this still available? Also, what's with the 30% down? If I wanted to finance with a higher LTV, and my lender let me, couldn't I do that?
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
@Mark S. Yes sir mark, you can do it however your lender (and you) wish. I just put together a for instance based upon rough lending requirements. If you can do a higher LTV, I applaud - even recommend it - as your cash on cash ROI will go higher. W 20% down and 5% occupancy, the ROI is around 46%. I would do deals like that every day of the week.
In fact if you have a lender who will do higher LTV on properties like this, please PM me!
I am an Indianapolis local. I am open to any ideas you may have for JV ideas on this property. My main hurdle is financing. I have been looking for seller financed deals. I've also been looking at commercial loans but the 30+% down payments leave a bad taste. Would the seller be willing to provide financing to remove the hassle of managing the property? I can pay much higher than 5% with ROI like this, but I am seeking a smaller downpayment.
Wholesaler · Gladstone, NJ · Member since 2013 · 47 posts · 1 vote
12y
@Steve A. Thanks for the Inquiry. Unfortunately she is not interested in holding paper. Financing is not an issue for me, however I am trying to keep most available funds liquid as a have a much larger deal I'm working on. (I may need to take a larger equity stake in it than I originally intended.) Send me a PM and lets discuss the possibilities of a JV. Let me know what you bring to the table in terms of: funds, experience, knowledge of that market, proximity to property, and willingness to manage/maintain. Maybe we can find some trade offs that work in both our favor!