All Forum Posts by: James Syed

@John Robinson

Congratulations!

Is it a 2/1 SFR or larger? How much rent could get for it?

I have looked for some multifamily deals, but it's a competitive there MF. Great town and a strong real estate market. 

Welcome to BP.

1. Get pre approved (No matter how good the purchase is, you can't buy, if you don't have funds)

2. Find you niche (Don't try to be jack of all trades, find one or two and stick with them

3. Decide your farm area (I cover 5 counties)

4. Be a PRO Member of BP so you could learn a lot for just a little bit of money (Thank you @Joshua Dorkin).

5. Once you lock something, go for it. Don't let fear come in your way. 

Hope it helps.

@Julie Fishman

Welcome to BP. 

Thank you for assisting BP members for financing needs. 

2 Questions for you,

1. The most I could get from local, small banks is a 5 year balloon. Are there any banks who could give you a fixed rate for at least 10 years? 

2. I want to borrow for rehab as well, would i have to pay 20% on that rehab loan as well? My loan LTV is 80%.

Thank you.

@William Glass

Welcome to BP. 

I am sorry for a late response. My BP account was frozen for some reason again. 

Thank you for you kind words. 

Yes, I invest in 4 Units or larger apartment buildings, each unit has to be 2 bed or larger and each has to be at least 700 sqft, NO D areas or D properties. I have learned this over the years that you must have a criteria set up so and concentrate only on that and you will successes.

Other than multifamily, I am interested in Hotel / Motel business. It requires a lot more than an apartment building investing, but it's something i enjoy doing. 

If you are ever interested in Central Illinois area, I can assist or if you need any other info, kindly don't hesitate to contract me. 

Good luck and keep investing!

Welcome to BP. 

Property management 10%

Vacancy & Credit Loss 10%

Hope it helps.

@William Glass

Welcome to BP. 

I am glad to see your post. You have right thought about cash flow as it's very important. 

If you have family or a reliable property manager in AL, I would rather buy a 10 unit building for $200,000 that will give some cash flow vs a duplex in FL for $200,000 that will give much less cash flow. 

It will sound like a blanket statement, however, most of the time if you own a 2 unit or 200 units, headache is the same ( I was told that by a few successful investors). Having said that, you don't want to buy a D property in D area, but C+ property in C or B- area will be great. These are you blue color residents who are unable to purchase a property. 

Again, to me, you are on the right track by thinking BIG. 

Hope it helps.

Hello BP Members,

I am searching for Multifamily Properties outside my MLS area.

Is it worth to pay $265 a month to become a prime searcher? I am paying $40 a month for mls. 

Any suggestion would be appreciated. 

@Wells Lange

Welcome to BP. 

My best commercial loan offer was:

4.25%

5 Year Balloon

20 Year Amortization

80% LTV

Hope it helps.

@Petr Anisimov

Welcome to BP. 

I am in the same boat as you are. I am in the process of buying a porperty that seller made only 1 counteroffer since I started the negotiations. I have been raising my offer all this time (countering my own offers). Now I have come to a point where I have to walk away or accept their price. 

At this price, it's an OK deal, not a great deal. I must admit, I have been emotional here and there and hesitated to walk away. After reading your post, I have thinking if If I already made so many mistakes.

@Josh Halagiere

Welcome to BP. 

Thank you Josh. Looking forward to it.