All Forum Posts by: Abraham Kaplan

The limit has been increased to $20,000. The website hasn't been updated. I called their office and they said it was increased in September. I do have an address for the contractor. I have estimates and receipts for the down-payment. The fees for filing the lawsuit seem reasonable. But I don't want to hire a lawyer. Just looking for a service like legal zoom that will help me with the paperwork.

1 Vote

I am looking to sue a contractor in small claims court in Dallas TX. I paid him 50% of the rehab budget up front. That was $25,000. All he did was the demo and bought some of the supplies. I've never sued anyone before so I'm not sure how to do that. I checked several services such as legal zoom and legal shield. It doesn't seem that legal zoom can help me. Legal shield said they only assist defendants in law suits. Is there a service that could assist me? Does anyone have any advice? Thanks.

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Arta,

Which websites did you use to get that population data?

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What about using a private money lender for the entire loan?

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I don't know myself but I was wondering if you meant NYC or anywhere in the state?

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Thanks Mack. I was looking for properties with a higher cap rate. Cause I'm looking for an apartment complex that will have the highest cash flow for the amount I have to invest. Around 9-10%. But it could make it harder to do a BRRRR if it has that level of cap rate. Also, I don't know why my phone auto corrected Mack to Marc. Sorry about that.

Originally posted by @Mack Benson:

Originally posted by @Abraham Kaplan:

Marc,

So a property with a lower cap rate is a better value?

Originally posted by @Mack Benson:

Hi @Amber C..

There isn't really a hard and fast rule but typically the A-Class apartments have the lowest cap rate and C-Class have the highest. General definitions will have A-Class built somewhere in the last 10-15 years, B-Class 10-25 years and C-Class older. The lower the cap rate the higher the value. Residents are typically willing to pay more for the newest so the rents are usually higher, and so are the amenities, in the new builds.

The key is to know what to expect from a property that was built between year x and year y. For example, apartments built in the 1960's in my area usually had thin walled copper pipes that are prone to failure. There are also considerations I make for different brands of breaker panels and wiring.

Knowing your market is key to wading through these nuances.

Cap rate has an direct relationship with value. The lower the cap rate, the higher the value. Here's a link to the BP glossary entry https://www.biggerpockets.com/...

The formula is Value = NOI / Cap Rate

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Marc,

So a property with a lower cap rate is a better value?

Originally posted by @Mack Benson:

Hi @Amber C..

Knowing your market is key to wading through these nuances.

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This was pre covid but I got an unsecured line of credit from a local credit union. Even though it was for my LLC I had to submit the LLC's information and my personal financial information. I also got an unsecured line of credit from Wells Fargo that was under my name.

2 Votes

Originally posted by @Jonathan Taylor:

@Abraham Kaplan I also searched secretary of state website for CA which lists all active companies that operate in CA and harmony is not listed. Another red flag. What are you looking to do?

Thanks Jonathan. I'm looking for the lowest down payment I could use to buy a multifamily property. Preferably 20 units or more. I'm trying to get as many units as possible with the amount I have for a down payment.

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Brian I'm curious why Kansas City? What metrics did you use to determine you want to invest in that city?

1 Vote

All Forum Posts by: Abraham Kaplan

Abraham Kaplan has started 29 posts and replied 77 times.

Post: Small claims court in Dallas TX

Post: Small claims court in Dallas TX

Post: Wellington, KS real estate

Post: Use of Private Money as down payment for Conventional Loan

Post: Real Estate Investment value area Ideas (NYarea)

Post: Age of multifamily apartment building

Post: Age of multifamily apartment building

Post: New LLC line of credit

Post: Looking for info about this lender

Post: Kansas City Multifamily Investing