Hi Folks,

I own a number of residential properties in the East Bay Area. As I take the next step to multi-family I realize it is time to start networking and finding mutually-beneficial relationships with other commercial and multi-family investors in the Bay Area.

I am currently working on a deal that I may want to partner on. Property is located in East Oakland near 98th and Bancroft.  Still negotiating with the seller but here are the rough details:

• 7 units.  Gross rents are $10,000/month
• I'm trying to get the purchase price to $900k.  Owner wants over $1M.
• At $900k purchase price with a 30% down commercial loan, the total mortgage expense is $3850.  Operating expenses come to $3,200 (with management and modest capex).  
• So, cash flow of $2,800 per month.
• Cash on Cash ROI = 12%
• Pro Forma Cap Rate = 8%, Purchase Cap Rate = 9%

There is some potential for increasing the gross income on this property, so numbers could be even better.  I am open to either holding this property or flipping it.  I want a partner who can come to the table with the cash for the purchase. 

To give you a sense of where my background and expertise falls:

• I am actively looking for and finding deals in the East Bay Area of California. This past year I have bought a 4-plex in Richmond, a 3/2 SFD in Albany and a 3/1.5 SFD in Oakland (which I wrote about in another post). My geographic focus is: Oakland, Berkeley, Richmond, El Cerrito, El Sobrante.
• I am a licensed, independent real estate broker which has allowed me to hand-hold all the paperwork of my purchases without paying broker commissions.
• I am a licensed general contractor with lots of rehab experience on my own properties and other peoples' properties.
• I manage my own hold-properties, especially after first acquiring the property.

If I were to do a JV here are the areas that I think would complement my skills:

• Someone with experience analyzing, buying, holding, repairing, selling multi-family properties in the Bay Area.
• Someone who has immediate access to capital (not a hard-money loan, I can get that myself).  Prefer someone with $1M+ ready to invest and buy cash.
• Criteria for return vs. risk that matches my own so that we could pull the trigger when the right deal comes along.  My favorite way of purchasing is to buy cash, force appreciation, refinance to pull out cash and hold property, or flip it if that makes sense.

If you are interested please ping me with your contact info and tell me about yourself.

Thanks, Ori