All Forum Posts by: Frantzces Lys

Great post!

I spent 1.5 years reading and reading and reading. I recently launched my marketing campaign and paired up with a seasoned investor to help him grow his business. His plans on closing 7 deals a month and I would like to close 2. What I realize is at some point you just have to do it to "get it". I've been getting many leads from my campaign so we have been working through them.

My goals are:

- Do 2 wholesale deals per month
- Do one rehab
- Save enough capital to buy my first multi-unit in 2016
- Read more and understand key investment terms/strategies (currently reading Frank Gallinelli's book), continue to read one book a month
- Increase my network of investors

Happy goal setting everyone and cheers to everyones success!

Hi @Terry Royce !!! 

That's good to know. I've heard it's a good negotiating tool if it's applicable. 

Thanks @Clint Williams The property is in need of some major renovations. So I would classify it as a D. The owner wants retail price for a not so retail property. I'm still learning a lot about the commercial lingo period.

Thank you @Patrick Britton I will definitely try that. There aren't too many multi-units on the block. But seeing what the cap rates are doing is an excellent idea!

Hi Everyone,

I've been doing a bit of a research but I thought I would pose the question out to the BP community :).

I am meeting with a Seller this weekend that has a multi-unit property that he is wanting to sell. I have never dealt with a multi-unit property. It's five 1 bedroom units, one car garage on 11,505 sq. ft. lot. He owns it free and clear.

The tax assessment states that it's at $301,300. The property does need some repairs but from what he says it doesn't seem that they would be major repairs. 4 of the units are rented. 

Rents are as followed:

Unit 1 = $750 (utilities included)
Unit 2 = $750 (utilities included)
Unit 3 = $750 (utilities included)
Unit 4 = $750 (utilities included)
Unit 5 = $800 (separate meters)

Taxes for the year are at $3754

What's the best way to gauge the value of this building? It's the only multi-unit in that particular neighborhood. He wants $200k (ideal) but I'm sure we can negotiate a little lower based on the repairs. 

I guess my bigger question is how do you evaluate a wholesale deal on a multi-unit with little to no comparables? I know with multi-units you're really looking at the income production of the property. What are key things to keep in mind?

Thank you in advance!

Yes you're right @Karen Margrave they should definitely know! 

I have my first deal under contract. And after meeting with a serious buy & hold investor who schooled me on presentation I realized I needed a more professional look in providing detailed cash flow analysis on a property. 

A light bulb went off. I went pro and now had access to the calculators. Why don't I plug in the numbers that I have and see how this thing works?

I'm not experienced so I don't have a point of reference but the calculator was unbelievably helpful! From the 5 year projections, to the break down of every expense imaginable, and it stuck to the 50% rule. This was super helpful. The numbers and the chart visual helps especially for those who are a visual learner (as such I). 

There's nothing like presenting this professional looking spreadsheet to investors versus a simple flyer.

Thanks for this valuable tool!

@Anthony Bostic Congrats!! Ride that momentum. Keep up the great work!

I decided to go Pro for a few reasons: To support the site. I've been reading articles and listening to the podcasts for at least 2 years now and I've gained VALUABLE information. I've also been able to ask questions and get answers fairly quickly which has helped me tremendously when I felt stuck. Another reason is of course to build my network and meet like minded individuals. None of my inner circles are interested in real estate investing therefore I wanted to network with individuals that were close by who were, with Pro you get more access to that. And being new to this industry that's HUGE! I hope that helped! Good luck with everything.

Welcome! @Ben Zajdel 

First thing first is to download the Biggerpockets beginners guide which is free! This gives you a brief overview. Joshua & Brandon really break down figuring out what types of strategies to use to get to what you want to eventually do. Read, connect and ask questions. 

Good luck you're in great hands here!