All Forum Posts by: Edward Salazar

Wow guys, Thanks for the input. Never thought I would get this many USEFUL responses, truly amazing forum

@Thomas S. Appreciate your input, and I feel the same way as you about Single Family Homes. I want to place a bunch of low ball offers for a few of these and the idea is to place a higher DP. What do you recommend we put on the contract in the financing section, also say 20% down or no finance contingency? Thanks again

I just found this very nice 8 flex that cash flows very well, the unit is vacant right now; but rentals seem to be strong on the area. I am trying to reduce my risk and speed closing, so I am placing 30-50% Down. 

The problem is the COMPS, there has not been another 8plex for sale in the area for the last 24 months, there has been many 3plex and 2plex, with similar units, (2/1, 3/1, 1/1) Should I just create a spreadsheet and compare each unit individually? Would that be something an appraiser do? I just don't want to find an unpleasant surprise later, and if i do that, what of the size of the land? What about if it was 1 story, opposed to 2 story? I just have too many doubts about it.

I would love to hear your feedback on how you would appraise this unit, what techniques would be safer to use, Thanks everyone

@John Thedford @Matthew Rollo 

I appreciate the feedback and i am going to keep your advice in mind. So I am assuming that to purchase a SFR would be even easier to get banks involved, The idea is to use somewhere in the 50% range as down payment, then refinance it to get my cash out.

Is there a rule of thumb " quick number" that you guys use when looking to purchase a unit? I mean without having to do the whole thing at a first sight, and then when something falls under those conditions, then you analyze it? Thanks guys

I would love to meet (in person) more people interested in what we do, do you know of any groups?

@Chris Seveney I never thought of that before, thanks for the Advice.

So to be able to see the condo financials, how to get them? Do i get them thru the Listing Agent or go directly to the HOA? Now keep in mind that the HOA has been in place since 1980 when these were built, wouldn't that give me some sort of peace of mind? Is it possible to get these assessments and a future buyer never see them (like me)? Thanks again

@Matthew Rollo I am doing this mainly because of the amount of income per month, I have not been able to find many SFR that would produce this amount, but if I did, i would actually like to reduce the amount of doors.

@John Thedford How long was it since you bought it? SIngle Family Homes are awesome, but finding a good cash flow on them has not proven easy for me nowadays, I find more luck making numbers work on a Multifamily, specially because of the acquisition cost. But thanks for the feedback

@matthew rollo, I am doing this mainly because of the amount of income per month, I have not been able to find many SFR that would produce this amount, but if I did, i would actually like to reduce the amount of doors.

I am going to place an offer on 3 condos in the same building, and would appreciate some feedback from this amazing community. Here are the numbers:

Purchase Price: $105,000

Appraised value: $140,000 (based on my CMA)

Each unit is a 1/1 condo

HOA: $115 per month Each Unit (Includes Insurance)= 350 Total

Taxes: $1,900 3 Units together

Each unit has own meter for water and electric

All Units are currently rented @ $650 Each = Total 1,950

They need about $10,000 in renovation work

The Idea is to put 50% Down Payment to reduce my Monthly PMT and refinance in a few months later (Have very good credit and financials, but don't know many lenders yet) I own other commercial and residential property, but was done thru regular banks.

I Analyzed this deal and managing the units myself, with a 7% Mortgage on the 50%, the unit produces $1,000 dollars a month. After refinancing it, I would have to leave a bit of money in the deal since the refi is going for only 75% LTV (based on my conversation with the bank), leaving me a little over $500 buck a month.

AM I WRONG ON THIS ONE? How would you analyze it? Thanks for the feedback guys :)

I am going to place an offer on 3 condos in the same building, and would appreciate some feedback from this amazing community. Here are the numbers:

Purchase Price: $105,000

Appraised value: $140,000 (based on my CMA)

Each unit is a 1/1 condo

HOA: $115 per month Each Unit (Includes Insurance)= 350 Total

Taxes: $1,900 3 Units together

Each unit has own meter for water and electric

All Units are currently rented @ $650 Each = Total 1,950

They need about $10,000 in renovation work

The Idea is to put 50% Down Payment to reduce my Monthly PMT and refinance in a few months later (Have very good credit and financials, but don't know many lenders yet) I own other commercial and residential property, but was done thru regular banks.

I Analyzed this deal and managing the units myself, with a 7% Mortgage on the 50%, the unit produces $1,000 dollars a month. After refinancing it, I would have to leave a bit of money in the deal since the refi is going for only 75% LTV (based on my conversation with the bank), leaving me a little over $500 buck a month.

AM I WRONG ON THIS ONE? How would you analyze it? Thanks for the feedback guys :)