All Forum Posts by: Andrew Luong

@Michael Le @Percy N. @John Casmon @Scott Matthew C.

Hey All -

Much appreciated on the feedback, this has been really helpful.

To paint a full picture, the original offer was based on verbal numbers and rules of thumb while placing a heavy emphasis on due diligence.  Ultimately, it doesn't look like this transaction will work out as the seller doesn't seem inclined and motivated to sell.

Hey @Tim Ryan - Thanks for the quick response!  This would be a 12 unit.

Hey Team -

A little bit of background here is that I currently have 4 rentals in Sacramento and 2 in Houston as well as completing flips but have now decided to venture into apartment complexes.

Just had an offer accepted and am now trying to piece the process together as it's a bit different from what's needed from the SFR side.

Some details about the purchase thus far:

• Purchase Price - $771,000
• Gross Current Rents - $8,400
• Potential Income - $10,200

Here's what I'm asking for:

• Rent roll
• Leases for all units
• Profit and loss statement
• Operating income + expenses
• Utility bills

My thoughts process-wise:

1. Receive/confirm the income + expenses
2. Confirm condition via a property inspection
3. If all checks out - complete the purchase

Aside from some moral support from the BP team, my ask is if - at a high-level - I'm missing any other points?  Also, any tips for an apartment newbie?

Thanks & cheers,

Andrew

Hey @Doug McLeod - This would be helpful for me as I'll be closing on property #2 in Houston in a few weeks.  Any chance you could send across their info?

Great work and story!!

Thanks, @Account Closed. Last question here for you would be, how do you suppose would be the best way to inspect the possible leak?

Hey @Account Closed - Thanks for the help here.  It's on a pier & beam foundation and according to the inspection report, there shouldn't be other signs of settlement but the inspection also noted that there were painting/cosmetic repairs throughout that could cover up the damages.

Hey Team -

I'm currently in the process of purchasing my second rental home in Houston, TX.  I've recently gotten into contract and ordered a home inspection for the home.  Overall, the property looks fine.  That said, there's one big concern from damage seen in the room and ceiling stress cracks.  Below is the section of the inspection report exhibiting this.

Could you all please help me give this a look and let me know your thoughts?  The concern is whether this is simply cosmetic or if there is an underlying issue (eg - foundation, etc)

Cheers & thanks,

Andrew

Hey @Nick S. - 

Your criteria is spot on with the criteria I'm looking for in Houston (sorry - looks like we both have more competition)

That said, as I finalize my goals for 2017, a lot of the rental expansion is targeted for Houston and I'm really interested to see what approach you end up taking. I'm currently on my first Houston rental and it came from the MLS!

Cheers,

Andrew

Hey @Account Closed - Thanks for sharing this!  Great info.