All Forum Posts by: Mark Yuschak

Huh?

Agreed that $330K is too high. I'll give it my best shot with the price that will make money. The rents were actual and I agree that there is room to move them up. Moving them up would be attractive, if it's well justified, for when it becomes time to resell.

Tonight I'll search for sold comparables in the MLS and see what they went for. Perhaps all the owners are overly optimistic right now!

This is a legitimate five-unit. There are several comparable buildings in the area (almost like a developer came through in the early 70s and built all of them to the same footprint). They're all slab buildings. Four units on the ground floor and one which spans above the four on the ground floor.

I've already gotten some of the expenses. The $1051 they stated includes the taxes (which I verified, and what they stated is accurate), the water and gas, insurance (they're stated wasn't far off from my quote), maintenance, and reserves.

They claimed 99% occupancy over the past five years. While I typically wouldn't be inclined to believe it, I do with this facility given its area. This facility is in one of the only areas in Michigan in demand.

I looked at comparable units for sale and they're actually listed for more and have similiar cash flow. Knowing that this might be the best value compared to other units, would it be a total waste of time to even make an offer even if it's less than 50% of their asking price? They're asking $330,000 for this five-unit building.

I'm evaluating a deal on a very small apartment complex. It's a five unit and the gross rents are $3,025. The desired cash flow is $400 per month (maybe I'm too low here....what are your thoughts?).

The stated expenses per month are $1,051. But, in my analysis I still assumed 50% for the NOI because I intend to have a management company manage the complex.

What would pay? I came up with $155,000.

Donald Trump. The Art of the Deal.

I'm originally from the Detroit area, but no reside 50 miles north of the city limits. I know the city rather well.

Is this home right in the Detroit city limits?

PM me if you'd rather.

I'm a part time agent, and full time IT professional. I'm also a part time appraiser and investor.

For me, the idea of becoming a Realtor was natural.

A little update on what I did....

I contacted my agent to see about cancelling the policy. She was sharp enough to look at how much the premiums would go up on the other policies if they weren't also covered by an umbrella. The increase in those policies was enough that by cancelling the umbrella, in the end I would have only had a net savings of $82 a year.

For $82, I'll keep the extra million of liability coverage!

I have a business checking account for one of my LLCs at Fifth Third. Completely free business checking with no minimum balance requirements. The two hooks are: 1.) It doesn't pay interest. 2.) You're limited to 500 transactions a month.

I was easily able to meet those requirements....and am probably a life-long customer with 5/3.

I don't do this. But, I know several landlords in my area who do. The main reason being: the City requires a rental license to put the water into the tenant's name. That license is $200 every two years and comes with an inspection of the property. The Inspection Department then uses it as an opportunity to come in and write up a list a mile long of necessary repairs. Then you pay for the reinspection, etc., etc., etc. It's a never ending vicious cycle.

So, the quick way to by-pass this is to keep the water in the name of the taxpayer.