All Forum Posts by: Bayo Badejo

The cape rate was calculated at sale price with current occupancy and then 100%. If I understood properly. 

Thank you

Hello BP members, 

We are looking at an 8 unit MFU for an asking prince of $419,000. A price per unit of $52,375 with a projected 7.47% Cap Rate in 2015 or projected 11.16% @ 100% occupancy. 

Right now 7/8 units are rented (I would still verify terms). The property is also located near a park. Property has 3 "newer" furnaces and 8 year old roof. Owner pays water and electric. Located 10 miles from downtown Cleveland in quite residential neighborhood. Property last transferred in 2008 for $480,000.

Could I use owner-occupancy financing and move into the 8th unit? 

What's the cheapest money I can use to purchase the property (i.e. FHA 203k)?

Would underwriting use the revenue generated from other 7 lease agreements to qualify the loan? 

Any other advice

Thank you!

The 070 Podcast was great! 

Greatly appreciate your reply and the Mr. Tyler. I am going to contact Grant Kemp a call today! 

Hello, 

I am working on my first "subject to" deal. I have the perfect renter/future buyer candidate already in place with bad credit, but he has over $15k I can secure for down payment etc. I need help producing a contract. Plus any recommendations for a RE lawyer familiar with "subject to" in the state of Maryland, preferably in the Baltimore County area. 

Thank you, 

Bayo 

Hey Scott K., 

Thanks for you input. I will check it out. 

Greatly appreciate your advice. Could you please suggest some zip codes to research? 

Thank you!