All Forum Posts by: Abad Marroquin

Thank you Todd! Very helpful.

I mentor of mine taught me this. You cannot control a property unless you have it under contrat. I usually analyse the deal before putting the offer and if it makes sense I make an offer and analyze it deeper during due dilligence. But this time I had to get it under contract as soon as possible because it seems to be a GOOD DEAL! Now that I have it under contract  and I can analyze it and renegotiate if I need to. If I come to the conclusion that it's not a good deal I can walk away during due dilligence period and not lose a penny. On the other hand, If I take the time to analyze it before getting it under contract someone else might act quiker and steal the deal...

Thank you Joshua. Aparently thesee units are below market rent. I need to confirm that by comparing to similar units in the area as you mentioned. After the necesary updates I plan to lease each unit at market rate. 

Is a  home inspector a must or a regular contractor who can tell me how much the repair will cost? If a home inspector is a must they usually charge around $500 for a house. In this case it would be too much money. I assume I can negotiate a package deal for all 28 units.  Has anyone done something like that and how much shooud be a reasonable amount?

I have a 28 unit apartments under contract in Georgia. The purchase price is $450K

Now I am analyzing this deal. 

I have the rent roll, and I am requesting the operating expenses :

Property Taxes (I already got this from the county)

Insurance (I am getting a quote)

Matanance and repair 

Landscaping

Garbage

Power (If paid by owner)

Water and sewer (If paid by owner)

A copy of all leases of all occupied units

Year the roof was replaced

Year when last update took place 

The age of the AC units

What am I missing? 

Hi everyone. I need to submit an offer to purchase through seller financing. I have no clue how to start. I have used the offer to purchase contract for single houses from the Biggerpockets, but I am not sure if I can use it in this situation. How can I structure it? Let's pretend I am planning to offer $300K with $100k down payment at 4% interest for 20 years. This property is in Tennessee. If anyone has one and would like to share it with me it will be greatly appreciated. Thanks in advance!

Hi everyone. I need to submit an offer to purchase through seller financing. I have no clue how to start. I have used the offer to purchase contract for single houses from the Biggerpockets, but I am not sure if I can use it in this situation. How can I structure it?  Let's pretend I am planning to offer $300K with $100k down payment at 4% interest for 20 years. This property is in Tennessee. If anyone has one and would like to share it with me it will be greatly appreciated. Thanks in advance!

I am analyzing a mobile home park. At what cap rate does it start getting interesting for you? What cash on cash return is acceptable for most of you? Thank you!

This is great advice! 

In my first mortgage, I got 5% fixed rate with a 5 year balloon. After year 5 they will adjust the rate to market level. How could I negotiate better terms next time. I am not banking with them yet. Could that help me negotiate better terms? What other ways could I negotiate better terms next time? Thank you guys!

Thank you everyone for your help. I just wanted to give you guys an update. 

Home inspector found some things that needed repair. Roof and water heater needed to be replaced, foundation will have to be leveled (according to foundation specialist), and mobile homes need some repairs such as replacing carpet, fixing a leaking, and replacing a couple of sheet rock pannels. With all this, we were able to negotiate the price down to $92k and with closing cousts it shoulb e around $95k (me paying 100%. We just agreed on this a few minutes ago. Hopefully everything goes well with the bank, and we should be closing in the next 3 weeks.