All Forum Posts by: Adrian Fajardo

@Jonathan Greene

Thank you for your response. These properties are not listed. While I was doing research on a property, I found the owner owns 2 more in close proximity to the one I was researching. I reached out to her and she happened to be interested in selling all 3. To be honest, I was thinking it would be easier and less costly to have it financed as a package. Then I again, it's the reason why I posted the question because I didn't know. So thank you for clarifying that :D

I wouldn't be surprised if they asked that much though. I have enough to put down. If more is required, then I'll find a way.

@Frank Hinck 

There was no proforma. These properties were not listed (or at least I don't think they were because I scan the MLS daily). I just sent out a letter and she said she was interested in selling.

Thank you for the tip on the GC, I am certainly going to update these properties.

About the commercial banking part, Are the banks going to loan me individual loans for each property? I understand that 4plexes qualify as residential housing not commercial. This is why I thought I should evaluate them as a 1. It's for financing.

Good day Biggerpockets community!

I need your help in the best course of action of acquiring 3 multifamily properties at the same time.

A property owner has agreed to sell me 3 of her 4plexes. She said she'll get back to me after speaking with her realtor and accountant. I went ahead and evaluated each of them and have an idea of what is the most I can pay for each. However, I haven't evaluated them as if all 3 were a single property. This would be my first time trying to tackle this situation so I wouldn't know how to go about this. Would anyone help me in:

1. How to evaluate them as a single commercial property? The property tax is what gets me confused

2. Should I start with lenders and see if they offer a product for this acquisition?

Any help would be much appreciated! Thank you and stay safe out there

Woooohh! @Jeremy Fay what time and day is this???

@Shiloh Lundahl Amazing story! Thank you for putting in all the details and numbers. It's great for us who are wanting to learn. I just wanted to ask, how long after you completed all the rehab did you initiated the refinancing for the property?

@Jason Malabute good post and great insight! Can I ask, which site or software did you use for the crime map? I've always used Realtor.com but not sure of its accuracy.

@Jeremy Fay I agree with @Chris Allen that lunchtime is a tough one because it's hard to squeeze out quality conversations when we have to rush back to work. Regardless of what happens, these first few ones will be experimental and we can get a better idea once we have a few going. 

My vote is weekends though =D

@Gerald Gardere Hey! I apologize for taking so long to respond. I was in the field for a week. 

Thanks for taking the time to elaborate. It's the first time I've seen using the taxes to estimate for rent. I'll keep that in mind for future use.

I didn't pull the trigger on this one. There's no way I could've overseen this with what I had last week. 

But it is a learning experience and I'll keep hunting for the next one.

@Jeremy Fay that works! I've attended a really chill one and it was interesting because there was no agenda but the conversation just kept going. Just post one and I'll attend if schedule permits. Thanks!

@Pete Harper

Hello Pete! How are you doing?

I estimated $15,000 for roof and HVAC. Part of the sidings needed to be redone. Also, I'll do fresh paint and flooring. My renovation budget is about $35,000. Yes, $110,000 is based on comps and yes, I used that tax assessor to get the tax on the place.

I'll DM you the link of the property. Thanks for always helping me out!