All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 380 times.
Post: Property Management Fee Question
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Michael Sjogren:
Hey everyone,
I am analyzing a deal right now for a 26 unit apartment complex. I know on larger properties (50+ units) it is common to have an onsite property manager and the fees are between 4-6% plus payroll costs for the onsite manager. For a smaller complex like this, should I budget for payroll expense as well? The current owner self-manages the property so I cannot gauge a true management cost. Typically I would factor in $900/door for payroll cost plus a management fee. Any thoughts on management fee % and payroll expense would be greatly appreciated.
Mike
You may want survey some companies in the area and get an average percentage of what they charge.
Post: Contacting the owner
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Brian Adams:
@Tony Velez, I bought a 200+ unit apartment complex using direct mail and I was direct to the seller...
Good to hear Brian. Which city/state was the apartment located?
Post: Apartment Complexes
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Morgan Hunt:
Hello All,
I have gaining a great amount of knowledge from BiggerPockets and as a fairly new investor (9 Months) the biggest problem I have faced is finding a buyer for apartment complex's. We had a gentleman drag us along for 6 months and then decide last minute since he couldn't find a buyer that he is out. Any ideas or suggestions would be greatly appreciated?
Is there any details on the apartment building that is for sale?
Post: Is the Time to Buy an Apartment Passed?
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Karen Schimpf:
... Do you think it is a good time to buy an apartment building? Or will we see more renters buying homes? ...
It really depends on where you buy... more renters would buy if it makes sense to buy than rent and if they have adequate access to capital.
Originally posted by @Shelly Scruggs:
Hello,
Is there a way to find out equity in a home without getting an appraisal?
You would have to have an alternate way of accurately estimating the value of the house and also have information on the current balance of the mortgage.
Post: Refi on a LLC
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @David G.:
You have utilized this company?
Post: Got any advice on buying a 12-15 unit apartment building
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Cynthia Scaife:
I was looking at forclosures and saw an apartment buildings that was on the List. I though you could buy these on the court house steps like single family properties, is this not correct? Someone I know said no?!?
Where exactly is the building located? Was it vacant?
Post: selling a house to wife
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Krunal Patel:
hi i owned the small single family house in fort wort, TX. its all paid house no mortgage on it. title is only under my name. Approx value $60000.00 i dont have enough income to to cash out refinance. some lenders are saying loan amount is too small so they cant do it.
can I sell the house to my wife and get cash to invest more? i dont want to sell to 3rd person because it has good rental income.
thank you
Does the wife have an income or sufficient income?
Post: Looking for a Hard Money Lender
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Cecilia Gonzalez:
We are looking for a Hard Money lender to help us with the purchase of our flip. We have a contract, two independent evaluation reviews of the home, a bid for the repairs from the general contractor who will be doing the repair work. We have had some bad luck with lenders in the past and should have closed on this home back in early June. Low credit score do to medical issues have kept me from going to traditional loan. If you can help me please let me know. Thanks!
Many of the hard money lenders typically have a very similar list of requirements: down payment, loan servicing reserves etc.. What type of bad luck have you had with lenders? And was that also with a flip?
Post: foreclosure
- Professional
- Jacksonville, FL
- Posts 397
- Votes 34
Originally posted by @Guillaume Derouet:
Hi Guys, how to find out which bank own a property? How to contact them, make an offer and negotiate?
Please help.
Merci.
Guillaume
Do you have a specific property in mind or are you just trying to get a list of bank owned property?