This was posted, and got removed, I guess when you guys changed servers. I thought it was a good topic, so I'll repost it.
Thinking realistically, what would be everyone's dream deal be?
I'm not talking about developing the Sears Tower here (something realistic)- I'd just like to know what would be everyone's ultimate real estate deal. :tongue:
I responded to this when it was a topic, so I'll respond again. My dream deal is:
- A duplex located in a neighborhood full of single family homes
- Price is low enough to grant me a 20%+ ROI
- Little to no repairs needed to start renting out the units
- Location is close to my other apartments / office / home
It might seem simple to most of you all, but I would jump all over a deal like this! It fits in well with what I can handle at this point in my real estate portfolio... simple, but profitable with recurring revenues. And that's a really good thing given that the company I work at for my day job is currently downsizing :beer:
I think you're on the right page. I'd like to have a dozen or so of those duplexes. I figure pick up one a year, and I'd have a nice little portfolio in a dozen years or so.
Dreamwise, I'd love to get a couple of multiplexes as well - like 50 unit building.
I actually PARTICIPATED in a transaction like this?
Borrower/buyer tied up a HUGE (170 Acres...9500ft waterfront) property priced @ $29M for $50k....for 90 days;
Then "assigned" his contract to a true developer for $31M?
He should have held & partnered up w/same...he'd have made LOTS more sticking around for the whole game (like 20-30M), however he turned $50k into $2M in < 60 days?
I was STUNNED when I saw his contract,
the buyer(of the assignment) could have cared less how much he was making...they KNEW they were going to make >$75M on top of their original investment?
Pretty savvy, huh?
He got me looking :pup: for big dirt transactions like a maniac! :D
mortgageman how did he tie up the property for so little? Is there a way to explain in a bit more detail how a transaction like this would go? Thank you. Sounds really cool! :groovy:
To have someone give me a houses thats already paid for. Then I can hold on to it & lease it out.
real estate deal only?
okay - an apartment complex with 50 units or more - that has been neglected by owner and is located in a nice suburb for 1/2 of what it is worth, with a rent roll that is more than 40% less than market rents in the area....
with an owner situation of wanting to sell because they're old and want to retire, i happen to be at "the right place at the right time." - knocking on their door :D because i've been watching the property and got all this information on it ahead of time
i go in and nail the deal down with a 40k down, lease option for one year and close the deal for .35 on the dollar
initiate an improvement overhaul, increase rents, own it for 2 years, and 1031 into a 150 unit apt complex!
Whats the best book to read on for this ?
best book for what?
on a "a good deal"?
Originally posted by "noobdog1":
best book for what?
on a "a good deal"?
On apartment buildings, multi-family homes ?
I'm trying right now to sell my 15 unit apartment. I have it listed at 1.65m I've got offers for 1.5m I might even take that if I can't get my price. But that would be my dream deal. Then I'd go and buy a high rise building with that.
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