All Forum Posts by: Colin Emerson

Hey BP multifamily, 

I came across a potential deal in vero beach where a seller is offering 5 multifamilyunits totalling 44 units asking 2.6M. It's off us1 and near another major road but it's almost it's own,cul-de-sac.  There's three single family homes all in great condition and much nicer than the apt buildings

I'm meeting with a bank president (family friend) tomorrow to ask general advice and discuss the deal. Here's what I have for a basic outline,  any input and additional questions are greatly appreciated . My main concerns are

1. Type of tenant 

2. Age of building  (50 years)

3. Code requirements 

4. Deferred maintenance list

5. Little to no value add 

- 100% occupied with maxed out rent 

Currently 44 units asking $60k per
-improving area . Central location
- relatively motivated sellers
- mostly fed subsidized (mental health)
- is it worth renovating and raising rents
     - is it possible
- small Apts (mostly 1 br)
- option to hold and cash flow then repurpose as city changes zoning / vision

How do you finance a large commercial purchase like this
- % down / LTV
- amortization / ARM
- cash flow requirements
- inspection requirements
- special clauses for maintenance
refinance options later
Asset or personal info more important

Code requirements for commercial loan
Deferred maintenance list
-What are main issues with 50 year old apartment building ?

Thanks @Steve Butala and @dave vasaya  for the welcoming words. I'd really like to connect with local investors and partner on a few deals to learn the ropes. I am also interested in learning wholesaling and how to market for deals via direct mail campaigns 

hello bigger pockets community !! I've been listening to the podcast for a few months, and am finally taking the step to post. 

I bought my first buy and hold rental in Gainesville fl while in college and owner financed my first live in home in vero beach fl last year.  I am looking for fix and flip as well as buy and hold within a two hour radius of Vero beach fl. 

I have mediocre credit,  no w-2, as I run my own business, but a decent amount of cash to work on deals. I also have construction experience and access to quality sub-contractors out of Vero beach.

Anyone interested in meeting up for lunch and potential partnerships I'm all ears.the preferable investment area would be Vero but I also look for college properties and homes in northern California.  I'd love to learn multifamily and apartment investing, but will not turn away a good sfr 

hey william, I am also a new investor in Vero Beach. I currently hold one rental in Gainesville and just renovated two houses in Vero beach last year . PM me and I'll send you my phone number and we can meet up.