All Forum Posts by: Byron Scott

Hey Biggerpockets,

I am going to start going into banks this coming weeks with numbers and a plan to purchase a 5-10 unit apartment building. I'm new to this so I wanted to ask BP: What do you all think I should bring to the lender in order to get on the path of approval?

Thanks for bringing those things up Eric. I have really only been analyzing small multifamily. I'm house hacking one right now and saving up money for my next property. I have just been trying to wholesale or find properties and add value to other investors. So I have been cold calling. This is a deal that I ended up pitching to 2 buyers and both were interested. I didn't know if it was worth pitching at that price because I didn't know how to analyze +5 unit real estate deals. Those are all great points and things I will look for when calling owners and any future deals I run across. 

Thanks for the response and good information. It is one street over from a college with 15,000 students on campus. I would say B- street but definitely in the path of progression. 8.3% vacancy and 7.5 repairs and 7.5 cap X. Its not an old place and is good pretty good condition. I've talked with some of the tenants there and have pictures of the inside. 

Thanks for all of your help and info. I have been cold calling everyday. I will definitely be reaching out to you with questions. 

Thanks for the advice Lydia. I really didn't understand how to make the guy a legit offer and get him under contract while at the same time making sure I had a buyer at that same price. The buyer was asking for more information and really wanted to dig into the deal before committing. What do you do when he wants to talk to the owner or really go see the property and look at all the numbers from the seller?

Thanks for the response and information. I should have gotten a firm yes on accepting the offer at $510k. I asked so you will accept an offer at $510 and he said yes I will look to sell if I get an offer for that amount. I've messed this up though. The buyer is a guy that I've met and has kinda tried to mentor me newbie he offered a finders fee so I gave him the guy's information. Even though I messed this up I think I learned a good bit about talking with buyers and sellers. What do you think the finders fee should be?

I have a multifamily owner i cold called he said he would entertain an offer for 510k. I called 2 buyers and they both were interested but wanted the guys phone number.What should I do?

I usually look into small multifamily. I need help analyzing this 8plex built in 1996. Roof looks good vinyl siding looks good. All utilities are separated. Current rent is $650. Market rent is $800. Owner lives far away and property is managed from a distance. What can I do to make this deal work? How much do you all think I should offer? Thanks!

I'm a new real estate investor that has one rental property that I manage. I'm just look for other investors to follow on YouTube and Instagram. With all the social distancing I've been reading a lot of books and surfing social media trying to educate myself on things that will help with landlording, rehabing, BRRRing, and wholesaling. I've listened to every BP podcast and YouTube video. If you know someone that is good to follow please post their IG name or YouTube channel below. Thanks!

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Well its the bottom unit of one of my triplexes. It's old with no ventilation in the ceiling.