All Forum Posts by: Cameron Marmon

Its hard to get a straight answer, but the seller said they are not available because of the way he files his taxes. Today he said he collects rent in the form of cash haha.....My concern is he is not being truthful with the income the property generates. According to the info he has provided the properties have amazing cash flow and this is a great deal.

At the end of the day though, for you all as investors, if you all did not obtain tax returns or at least CPA prepared financials then you all would likely pass because it is a huge red flag?

Thank you Chela. I'm not familiar with an estoppel. Is there a particular one I should request?

Thank you Val. That is exactly how I am feeling about it.

Hi all, I just got under contract on a multi family deal in Mobile, Alabama. This is out of state for me as I live in Texas. 

The contract is for 3 properties: one property contains 2 studio apts and 19 boarding rooms, the second property contains 1 studio apt and 11 boarding rooms, and the final property contains 9 boarding rooms.

My current issue is I cannot get tax returns from the seller.....Long story short, they just are not available. I do have a fairly detailed rent roll though, containing names and phone numbers.

My question for y'all, would you purchase a multifamily deal without tax returns or CPA prepared financials? Also, does anyone have experience with boarding rooms? 

I'm looking forward to attending!

Hey @Bart H., sorry for not responding I just got back in town. I appreciate the heads up on the group. I'd love to come to the next meeting in June. Do you know what day everyone is meeting?

Hey Kenneth, let me know if you find something good. I'd like to find a good group as well and have checked out Meetup.com but haven't had much success. 

Sorry to hear that man. It is a great idea and something I would like to do in the future if I get a home that has enough room on the lot. I wouldn't have thought there would be such restrictions though. 

Hey Ryan, I'm just curious how this turned out for you. Were you able to get any traction? 

Ok, simpler question. Do we use the 1% rule to get an idea of what our GROSS monthly rent should be or NET monthly rent?