All Forum Posts by: Edwin Brown

Thanks for the reply. So assuming i'm not totally off on the NOI figures this deal seems like a "great" deal? I'm trying to figure out how to get the bank down another 300k but i don't want to lose a "great" deal trying to make it even better.

If the assumptions i made were correct, would you jump on it immediately?

Long time single family investor looking at my first commercial deal. Tell me your opinions.

110 unit complex taken back by local bank. The area is "B" class. Bank is willing to take back purchase price as financing at 1.8 million and the property needs about 500k in additional renovations to get all units up and running.
730,000 gross rents

-73,000 vacancy/collections
-20,000 insurance
-50,000 taxes
-40,000 management
-60,000 utilities
-90,000 repairs, maintenance capital expenses
400,000 NOI

basically a 10 cap property so probably worth 4 million.

Looks to me like we can be in a 4 million property for 2.3 million with 500k out of pocket. Is this a standard deal, bad or good?

Email is far and away the best way to market your properties to your buyers list.

Tyler, I was about your age when I got started in investing. I know it seems like a once in a lifetime deal, but trust me, you will see dozens if not hundreds of "once in a lifetime" deals in your career. You can't get them all. If i had known that i would have made a lot more money by wholesaling deals that i couldn't get funded.

I'd say you have about a 5% chance of getting funding on this deal. That's one of the reasons you were able to find the great deals. It's really hard to get bank financing now.

You could try going to a local investors club and looking for a partner. He puts up all the money and you do all the work.

Can you go back to the seller and negotiate a deeper discount? If the violations weren't disclosed to you just like they weren't disclosed to your buyer, you shouldn't have to bear the brunt.

I once heard of a guy that pranked his friend by posting on Craigslist. He posted his friend's address and said that he was moving out of the country and giving away all of his stuff. Saturday morning at 6 am 50 people were in his friends front yard waiting for him to open the doors.
I'd try that! People like free stuff

great question. Fortunately not. I'm not sure how that would mess things up but i think the "equitable interest" would have made things more interesting

Her attorney actually told me that I can go ahead and evict. I was a little surprised, but he didn't think it had anything to do with his case.

Thanks for the help

Quick update.
I just got off the phone with the debtor's attorney and he told me that as a landlord i am not involved in the bankrupcty. He said I could go ahead with the eviction without any additional paperwork.
Maybe this is just MS law, although i thought bankrupcty was more of a federal law issue.
Anyways, i figure if my tenants attorney advised me to go ahead with the eviction I'm probably ok.

That's two completely opposite lines of advice. I've also asked this question to other investors in my area and got the same answers. Some say i have to get a stay lifted and others saying that this is a new obligation that is no under the repayment plan.