All Forum Posts by: Adam Demchik

I'm working on my site right now. I signed up for an account with JIMDO. It's 90 a year for hosting, domain name, and the website building tools are great. 1 email address was included. The blog features are already included too.

I'm also looking to get my license in the very near future. Does realestateexpress.com layout all the steps to get rolling after you get your license? How long was the overall process?

Hi all. I'm lining up my first multi-family long term purchase. Before making my offer I'm planning on asking for the following documents:
1.) 12 months of gas/elec/water
2.) Latest tax bills
3.) Last city inspection cert
4.) Insurance bill
5.) Copy of all rental agreements with current tenants

Is there anything else I'm missing? Thank you all in advance.

Thanks Joel. One question on the larger complexes. Most for sale do not come close to the 2% rule and have about a 8% CAP rate. This seems low compared to some of the quads which have about double to CAP rate. Is this normal?

Al and others...do you recommend a PM for quads? I am just starting out and although long term I want to own larger complexes I am going to start with a couple of quads, learn the ropes, and use those to fund a larger complex. My initial thought was to save the 10% PM cost and do the PM myself (I am unemployed). Good or bad move?

William...I am at the same point in my decision process on this. I originally was leaning towards all cash as it reduces risk, but like above if you can buy 5 properties that after your mortgage payment cash flow more than the 1 property you might want to go with loans. Personally I am leaning towards using other peoples money...Rich Dad, Poor Dad is fresh in my memory.

Frank, with regards to expenses is it customary to ask for 12 months of elec, gas, water, etc bills? Seems like it would be a part of good due diligence. I'm a newbie.

Or if there is a lack of inventory, maybe we should build houses? There's just that issue of the inventory the banks are sitting on that makes me nervous. I might try calling a few banks directly to see if they will sell off any of their inventory. I know of one specific house in a hot area that has been vacant for over 3 years. The bank is holding it as the forclosure value is still higher than the market value.

Nicolo,

Is there any value in investing at all in LV or better to look elsewhere?

Thanks!

Tevis...while we are not ridiculous in price here in Michigan we are in short supply of homes. There's also the plus of owning in a sunny location.