All Forum Posts by: Joshua Mccaffrey

sounds like you have a great opportunity. i recommend the contact for deed route. as you mentioned you can get a lower down and more flexible terms. if you can get a 10-12 year ballon payment you should have no problem refi'ing out prior to that with a conventional loan and pay off owner contract. i would try to get the per unit down. you could try to show the total amount you would be paying when you add interest into the equation and see if he will come down on asking price, at least to market if not below. as well as play up the continued cash for with zero management headaches. ultimately if it cashflows well and you have good fixed debt for 10 plus years my experiences has been that price per unit is less of a factor. cash flow is king.

hello, as a seattle investor i caution you to invest in this market right now if cash flow is your strategy. you will be hard pressed to find anything that cashflows that is in an area that makes sense and has a quality tenant base. you may do good on appreciation over the next year or so, but a correction is looming and seattle is a highly cyclical makers, the highs are  high but the lows are low. also, as stated above many times, seattle is on of the most tenant friendly cities putting an addition burden on investors/landlords.

hi @Tiger M. it is interesting to come across this here as i have been looking at your property for the last few days on cityfeet. my investors have asked me to look in to vegas  as a place they would like to place some capitol this year, most of them have long ties to the city. this is in the target size we are looking for. please send any additional info you have on financial and the details that you are able to share regards to the  terms of the master lease.

best

josh

@Lillie Hernandez  if the property is still available please send me any additional information you have regarding financials, owners objective/reason for selling photos, etc. I have been looking for the right opportunity to get into the jacksonville market. Much appreciated. 

best , josh 

Hey Drew, 

i am in seattle and grew up ne iowa and started investing back in rochester this year myself but in multifamily. i would recommend contacting Dylan Carty at Reality Growth, he is a great realtor and has a great team and deep network in the industry, has sent me several pocket and off market deals.  i can't post his contact info on this forum but a quick search of his name will bring him up.  best of luck!

hi All, 

I recently closed on an 18 unit property in the midwest, SE Minnesota. i going to replace flooring in each unit, and wanted to get some feedback on what LVT plank flooring others have found to be the best value. Cheapest isn't always the least expensive in the long run in my opinion. so if anyone has recommendation on a brand, style i would love to hear about it as well as where you sourced it, what it cost for material and what, if you paid for installation. As a general contractor, in the NW though, i will be heading back to install some if it myself in the test/model unit so install price isn't a big concern at this time. thanks for for feedback!

Hi All,

i am looking at an off market deal, it is a 40+ UNIT property i would call it a "B" class late 70's building well taken care of and well managed as far as i can tell. I am having difficulty finding a reliable source for what the CAP Rate should be in calculating the purchase price. Any advice or direction on where to head to find would be greatly appreciated.

thanks

josh

thanks for all the replies, yes @jessica Grewe this is the building in Owatonna. Sounds like ill be in good shape with a 20-25 year amor and 5 - 7 year fixed rate this is what i had in my calcs. ARMS kind of scare me right now after seeing what happened with the last dip. Ideally i am looking for a 7 year minimum before the loan reset, just in case the next down turn is still dragging on that long. 

as this is also my first deal back in the mid west i am looking to fill out my team with local professionals. Any recomedatiosn for a solid insurance broker for the area? I am also lookignto adda local attorney to my team.

HI all,

I am closing on a 9 unit "c" class property in SE Minnesota, and the price is 400k with about a 9% cap rate. this is my first deal the is not residential, what type of terms should i expect to see for this size and type of project. I am more interested in hearing what length and type as well as amm. period, i.e. 7 year fixed with a 20 year amm. or 5/1 with a 25 year hmm. Is anyone writing these for 20% down or am i right to expect 25% down.  Any insight on rates would be helpful but fully understand this has a lot to do with my credit history as well. Hope this makes sense, any feedback would be appreciated.

josh