All Forum Posts by: Johnoson Crutchfield

@Kathe Gerhardt

I’m always looking for this too.

@Scott Sklare

What are you doing to offer 20% returns?

John

@Jamar Smith

Depends. If you are signing contracts without planning to close on deals that’s unethical, not illegal. If you are not signing contracts and just connecting buyers and sellers without a real estate license and taking a fee that’s illegal. The rest Is legal most cases.

@John C. Kuitwaard

Sounds like right now you have 160k getting a zero percent return. I’d gladly provide you a better return if you invested with me. Sell sell sell and put the money into something gets you a return. Think about your goals and what you’d like to earn on the money.

@Amy Innocenti it’s hard to say without exact figures. How much would you be losing? How much is your time and energy worth? Lots of questions need to be answered before I can give a solid answer. At first thought I’d say walk away after trying to make multiple contacts through different mediums, but you could have 25,000 tied up in this?

@Oleg Shalumov

Are you suggesting he open a line to acquire other properties and then refi them?

@Taylor J.

I have an 8 unit I’m willing to sell in north Texas. 10% cap rate.

@Cody Furman

Looks like you’ve done some research. I use Buildium for about 50 units and it works fairly well.

Thanks guys.  Here is a better picture of this deal.  

7/8 units are currently rented for 450/month each. Market rents are 550.  Purchase price was 157,500.  I spent 2500 in closing fees and docs.  

Roof repairs will cost 5,000.  

Cosmetic updates and repairs will cost 12k

The units are all livable right now so the plan would be to fix the vacant unit and any that become vacant as I go. Estimating 3500/per unit. ARV of comparable buildings well maintained is 40k per door, so 320,000.

What’s the best way to get rehab money for a value add on multifamily? I have been able to take down a 8 unit building that currently cash flows using seller financing, but now I want to do some rehab to value add the property and increase the rents. Any suggestions for how to find these funds? The building currently pays for itself on the cash flow which includes 500/month for maintenance and $1000 for cash flow. Is the only way to do it to use the money from the cash flow?