All Forum Posts by: AJ Angel

Wilson, 

Roof was done late 90s and there is no ac units. its a real low maintenance property 

James, 

its not in the ghetto, it is in the lower to low mid class area. the seller has done great with the property and its a cash cow for him because he owns it out right. he is retiring and selling property and moving out of state. i working on getting the rest of the down payment now. do you want to help or know a private money lender that wont charge me a horrible rate. 

im looking more into the taxes, insurance, trash and sewage. The tenants are on a month to month lease. a lot of them already told the seller and agent they are staying put. they like the area and its affordable. i will keep the tenants and have the new property management work up a lease/contract for them. 

there is no amortization own the financing side that i know of.  no there isnt. after 3yrs of financial records /history and experience as a owner i will then get a loan on the property to pay the seller off. he will hold it for 3yrs.    

What is unit mix? 13- 1bd 1ba and 7- 2bd 1ba 

Thank you so much for the help guys. the questions and details provide are priceless. Im fairly new at this and still learning and growing.

SEMPER INVEST

No it's not in a war zone it's on the east coast, no section 8 just a lower income area not in a real bad neighborhood. still looking into some of the numbers but that's what's on the lease summary page. it needs a little TLC. im flying out to see it next week. It's a real cash cow for the current seller he has no property management or loan payment. thank you for the tips. Semper Invest

Im going to be buying a 20 unit apartment property.

im doing seller financing with 15% down on a 395,000 price with a 6% interest

monthly rent total is $8,215 when fully occupied, 17/20 are rented

monthly expenses:

water-1100

landscaping- 200

taxes-226

insurance-70

future property management -600-700

seller payment- 2400

total is 2500-3500 (set aside 25% for repairs and vacancy of that. total)

cash flow around 1800-2600

the property is real low maintenance, no washer/dryers, building is cinder blocks with concrete flooring,

there is more story to the property but this is just a rough snap shot of it.

good deal or no deal? thank you

Im going to be buying a 20 unit apartment property.

im doing seller financing with 15% down on a 395,000 price with a 6% interest  

monthly rent total is $8,215 when fully occupied, 17/20 are rented

monthly expenses:

water-1100

landscaping- 200

taxes-226

insurance-70

future property management -600-700

seller payment- 2400

total is 2500-3500 (set aside 25% for repairs and vacancy of that. total) 

cash flow around 1800-2600

the property is real low maintenance, no washer/dryers, building is cinder blocks with concrete flooring, 

there is more story to the property but this is just a rough snap shot of it. 

good deal or no deal? thank you

Thank you Jacob for clearing that up, thanks.

I'm looking at a deal and the seller is saying you can pay all cash, get a new loan or assume existing loan with 5% interest until Sept 2018 then jumps to 8% after that. there might be a 1% assumption fee. (what is that?)

the seller went thru this company to get the loan.

Has any used Investors Financial Corporation to buy a piece of property? or to take over an existing loan from a seller from this group? how does it work? www.thenotepeople.com is there website. any advice what would helpful. Thanks

Semper Invest

I'm looking at a deal and the seller is saying you can pay all cash, get a new loan or assume existing loan with 5% interest until Sept 2018 then jumps to 8% after that. there might be a 1% assumption fee. (what is that?)

the seller went thru this company to get the loan.

Has any used Investors Financial Corporation to buy a piece of property? or to take over an existing loan from a seller from this group? is there website. any advice what would helpful. Thanks

Semper Invest

Ok thanks man. I will be looking into it more

Thanks for the info. If I don't have the cash what's the best option?