All Forum Posts by: Abad Marroquin

Thank you Diane G. 

I am analyzing an 12 unit apartment where the owner pays water and noticed that the water bill represents 17% of the total operating income. I don't own any apartment, so I don't know if this is within the norm. I also wonder how much would it be to sub-meter the water. I understand it varies from city to city. Has anyone done it on a similar property and how much did it cost. This property is a 2 story building 2 bd, 1ba built in late 1970's. 

4 mobile homes 3 bd, 2 bh each, two double wide and two singles wide, 3 on a 2.8 acres and one on a one acre lot, all for 70K. All of them are rented. I my area these mobile homes rent for about $500 and $600 depending on location. Being conservative these 4 units could produce $24k a year. I am seeing the properties on Monday 30th. Besides looking at the condition of the units, what other factors do I need to consider in order to decide what to offer for it? Any advice  would be very appreciated.

Property listed for $279k. All occupied renting for $500 a month. Seller pays water, garbage and sewer. I could easily increase rent to at least $525 a month. I have requested an appointment to see it. Neighborhood is not the best. Big manufacturers employers are 7 to 15 minutes away. City bought a 40 acres of lad  about a mile from it and developed into a business Park in 2010. One big company has moved in but other 10 lots are still waiting to be sold. 

I am analyzing a property that include 8 units, each 2 bd 1.5 bth which could be my first multifamily investment. It consists of two quads facing each other. It produces $48k a year. Using the 50% rule of thumb $24k minus the loan which according to mortgage loan calculator after the 20% down I would be paying principal and interest of $1411. (before mortgage insurance calculated at 4.5%interest). This would be $16,932 a year leaving about $7000 in profits. I am working on getting all the monthly expenses to analyze this property into more details. I wonder whether or not seasoned investors would also be motivated into analyze this deal into more details after looking at numbers. Thank you for your input. 

I found termites while checking the foundation of the property. I found it in three different spots each 5 feet apart in the beans. I told the agent that I wanted to walk out of the deal because of this. When termites are found, is there still a possibility to get a deal? I wonder if someone has ever dealt with termites problems. The seller seemed willing to renegotiate the deal. The purchase price we had agreed on was $50k. I said I was not longer interested in the property. The agent told me to make an offer that I thought would be worth it. The only thing I said was that if I would buy the property, it was going to be for the lot. Lots in this area are around $15k. I offered $10k because I had to get rid of the old termite infested property. I did not hear back from the agent. I wonder what other people would have done. 

I am planning on buying a property at a foreclosure at the court. I found a lien on the property that dates back to Oct 2015. It was for $1,900. It's a FIFA lien in GA by Discover Bank, and it is not cancelled. I wonder if this lien since it's 14 months old now might be much more. If it does increase at a certain percentage rate what rate probably is? 

Thank you for your reply Dave. The agent said it is now open to investors. Has anyone done this in the past? Thank you!

Can you buy a Hud property as the replacement property on a 1031 exchange?

Thank  you everyone!

I recently sold a house under the 1031 provision. Has anyone successfuly purchased the replacement property at the court house auction? I would like to have as many options available since I only have like 30 days to find the property or identify the 3 properties from which I will have to buy within the 180 days. 

Thank you everyone!