All Forum Posts by: Will G.

Dorothy, i have only seen 1 property that honestly stated expenses, and that was from the management company(ended up being 52% of gross btw). So i  generally take the noi and offer $ based on 8 or 7% cap etc. My bank contends a "c" should be at least 8%, but may not be right for our recent, new reality!

So for instance, the deal with expenses from mgmt company, i did get the sale price way way down to an 8% cap but it needed $150k in flooring, a/c's, vanities, appliances etc,etc.

So does conventional wisdom, ask for price reductions, or just be happy with the 8 cap and make 0$ for the first 3 years?

I would like to hold long term, but also dont want to pay too much as that has never worked out well in the past.

your governmental body would probably have a position on what they allow, but i typically see an rv or two in mob parks, but not so much the other way around, as rv spots are much smaller and typically would not have the amperage requirements to run a full sized home. I have been to an rv park that populated spaces with park model homes, they call them cottages

http://rvcoutdoors.com/live-oak-landing/accomodati...

Super cute and really nice inside!

so every apartment deal if have looked at has considerable "deferred maintainance".

Is there such a thing as a turn key "c" class property?

Or, if it does not need considerable capex, is it then by definition a "B"?

I get that  a "c" has a higher cap rate in theory, because of age, location etc, but if i am paying for an 8% cap AND have 5 years of 25%(of gross) capex, am i the greater fool or should the price reflect the poor condition of all the consumable items and therefore sell at a higher cap rate?

What would these look like? Tiny homes have market share cause they dont look like rv's! Pitched roofs, porches, roof overhangs, dormers etc. You could not stack them unless they were a plain box or actual shipping conainers, so i dont think it would be worth it.

7 x 40 is 280sf(shipping container) $15k for 280 sf is $53 per square, PLUS the transport and setup cost to a site. I had a friend in south fl building site built homes for $60 a square. Now if you could deliver something like the cottages on this site

http://rvcoutdoors.com/live-oak-landing/accomodati...

That would be amazing

east tn is a great place to live! I dont want to discourage you but the market is tough everywhere, and knoxville is no exception. Rents are low around here and demand for single family, high, so finding a 1 percent rule house, nearly impossible outside a war zone. You might be able to get a duplex that works. There are tons of very small mobile home parks around that might fit the bill. Otherwise have you considered syndication?

If you want more specifics, please pm me, i will be happy to help!

Multi state alerts setup and number of mf listings went way up all of a sudden

hey guys,

As soon as the stock market tanked i got a ton of multifamily for sale listings, way above the normal drips and drabs.

Coincidence?

Or has the threat of higher rates prompted some listings?

tough to answer! The consensus is rates go up from here, which might mean the opposite! Rising rates generally put a damper on r.e. sales so you might be better served waiting and getting a better deal with higher rates

i am interested in the concept, pm me so i can het more info

@Bill F. I spoke to frank rolf yesterday and he got a good laugh out of the situation! I was way off by counting the rental income and need to renegotiate price or move on. Thank you again for your input.