All Forum Posts by: Dennis Johnson

As a new multifamily investor, what is the best way to set up a bio, I have management experience and starting a business experience just have to know how to put it on paper in a manner that makes sense to my reader.  Any suggestions for the professionals.  

Thanks @Theo Hicks that makes a lot of since and very simple.  

The current property is completely vacant needs to be rehab. Even though there is a suggested price, can a proforma be used to make a offer or use data from other properties in the area to get some general numbers

When looking at purchasing a apartment units with no tenants what are so good tips to look for when making an offer for the units.

Thanks @Jeffrey Almonte I will look at it I need something simple, currently have someone else doing my financials and I have a deal that its pretty simple but need to understand the process as well.  

@Michael Lee  those are great questions and I will answer them as follows:

The first thing is confusion as to why are you offering a higher price than what was originally stated? The first offer was my original offer for the 950000 and the second was the agent of the owner with the counteroffer which I will send a counter tomorrow.  What kind of interest rate is he charging? I made the offer with zero percent interest to get a negotiation started.  Five years is more near in time than you might think. I do like the location. How will you take care of the maintenance? I have a property management company in the area that I will work with. Is this your first possible investment deal? It would be my first multifamily deal.  What is the age of the building(s). Are there any capital improvements needed at this time. No improvements at the moment.  How long did the seller own that?  the current owner has had it for 7 years. What type of parking is available? two slots per unit

Is it easily accessible all times of the day? Yes Does the exterior have anything that "grabs" perspective to come home to the site? Not at the amount. Does it have any security improvements? I have heard that properties need a minimum of 30 units to be able to pay for property management. Its in a good residential area near a college.  What does "DD" mean? Due Diligence. Are you planning to rent those as units or by the room? What is the usual replacement items on the typical unit to make a unit ready to rent out again and what is the typical cost? 1500 - 2000   I'm sorry for all of my questions but those are the typical questions I would have. 

Alright BP multifamily personnel would like your help with this scenario:

Owner financing opportunity

First offer for 20 unit property 10 mins from a major college 

950,000

10% down payment

2800 month

0% interest 60 month with ballon at the end

Counter offer:

$1MM

48 Months of Payment w/balloon

$3,500/month

Down Payment of 15%

DD-20 Days

Close in 30

I have other info for anyone that would ask a question or willing to assist with the process 

@Michael Tempel that is great info thats who I am looking for people that are doing the business still I have had some great and infomative conversations with very helpfull people.   @Gino Barbaro your very correct free is free but still location for that someone to contact when you step past free info to real world solutions.  @Brad Sumrok thanks for the feed back.

@Chris Tracy and @Grant Rothenburger I think both of you have stated some very good info and I appreciate it, with that being said can there be a dollar amount put on it or what would be a starting point,  I am looking and I have one or two in mind but as a working person have to stay within reason until I can get that first deal done.

With a lot of people being experts and gurus in the commercial real estate industry what are some qualities to look for when searching out a mentor. I understand that some education you have to pay for but with all the free info out there now what is a benefit of paying a person to teach you.