All Forum Posts by: Dapo Odujebe

Good afternoon,

I am a new investor and would like opinions about these 2 deals. I understand that at the current listed/asking price this doesn't seem like a good/great deal. Thanks in advance.

1. https://www.biggerpockets.com/...

(paying utilities for the tenants cuts into monthly cash flow). Can adding meters to each unit improve things over time? Should I offer lower? Asking $291k. What number should I be aiming for to make this worth it?

2. https://www.biggerpockets.com/...

(some repairs will be needed). What is a good amount to offer to make this worth it with about $10,000 to $15,000 in repairs? Current asking is $275k.

Thanks for the responses, reflex and Wheatie.

So does the amount of equity you get in the property matter? I know I have read a few other posts that say you can't buy a cup of coffee at McDonalds with equity. But just curious.

Doesn't expenses factor in tax and insurance? In which case, in should be $425 (OE) - 183. Or just subtract P&I from NOI of $425, ie. $425 - $489 = $-64(which I guess still comes out in the negative).

PS. Is there anyway to calculate the 'lower' purchase price that would make the numbers work? And base my offer on that number?

Sellers appraisal: $121,000
County records appraisal: $93,000
Comps in the area: ~$100,000

Seller asking: $68,000
(Per seller): $0 for repairs
Current occupants monthly rent: $850

Mortgage for 30 yrs @ 7.5% - $673.00/month
on a loan of $70,000
---------------------
Principal and Interest = $489
Taxes and insurance = $183
Mortgage insurance = $0
Total Payment = $673

- Does this seem like a good deal? I know I haven't factored in things like vacancy, maintainance etc. Might not meet the 2% rule I read about in other posts.

- How much should I factor in a month for these expenses? And should I offer a lower price to maybe make the numbers work?

- Where can I find a good summary of what costs to factor in? And/or a good way to see if a deal works quickly?

Thanks in advance.
:cool:

S-Corp set-up in NJ and want to buy property in GA. What do I need to do to be able to do business (real estate purchase/sales) in GA?

I am new in this state, but have an S-Corp in another state and would like to keep doing business under that S-Corp.

I found a deal that I am interested in and would like to find out how to proceed.
- How do I go about finding a RE attorney in the new state? I assume I have to have my company registered in the new state?
- Would like to finance the deal through my company. Are there any restrictions? I haven't done business here before.
- Any suggestions on finding a tax-attorney or accountant/CPA that is savvy with S-Corps etc.?

Thanks in advance,
D.
:cool: