All Forum Posts by: Account Closed

Looking for a short term lender for a 8 unit brick apartment building near a college and hospital. All investment will be paid back in one year or less and secured as a second mortgage.

Here are the numbers as they sit for verbal negotiations:

Monthly Income: $6,000.00

Monthly Expenses: $3,529.61

Monthly Cashflow: $2,470.39

Pro Forma Cap Rate:18.01%

NOI: $41,240.00

Total Cash Needed: $49,000.00, I will put the rest down, Currently only need 20K

Cash on Cash ROI: 60.50%

Purchase Cap Rate: 18.33%

This is a killer deal. If you would like to know more about the property or have any question please let me know. Thank you for your time!

I am very interested, could you PM me with more details. Also, include terms if you can. Thank you!

@Copelon Kirklin

PM sent, Thank you very much for your response.

Looking for a short term lender for a 8 unit brick apartment building near a college and hospital. All investment will be paid back in one year and secured as a second mortgage.

Here are the numbers as they sit for verbal negotiations: 

Monthly Income: $6,000.00

Monthly Expenses: $3,529.61

Monthly Cashflow: $2,470.39

Pro Forma Cap Rate:18.01%

NOI: $41,240.00

Total Cash Needed: $49,000.00,  Currently only need 20K

Cash on Cash ROI: 60.50%

Purchase Cap Rate: 18.33%

This is a killer deal. If you would like to know more about the property or have any question please let me know. Thank you for your time!

What are the terms?

Good luck, I hope to do the same soon.

Looking for a short term lender for a 8 unit property near a college and hospital. 

Here are the numbers as they sit for verbal negotiations:

Monthly Income: $6,000.00

Monthly Expenses: $3,529.61

Monthly Cashflow: $2,470.39

Pro Forma Cap Rate:18.01%

NOI: $41,240.00

Total Cash Needed: $49,000.00

Cash on Cash ROI: 60.50%

Purchase Cap Rate: 18.33%

Please contact me via my company email if interested, terms are negotiable. Tell me what you are looking for.

Raj,

As my CPA has explained it, any monies in any type of LLC not allocated (expenditures) is taxable. So by only paying yourself less will not change the taxable amount unless it is a multi-member LLC. I recommend meeting with a CPA immediately.

Secondly, you need to set up a LLC and structure yourself legal/financially to protect yourself!!! Right now you are leaving yourself wide open to litigation. Recommend you read real estate loop holes from the rich dad poor dad series to get a idea about this. Next meet with a lawyer and a CPA to structure yourself for the best defense. Tax and legal defense.

John Petty

Erin, 

Are you planning to manage the property yourself? If yes, are you planning to use month to month or would you prefer typical lease terms?

Is this typical in your market or typical in the subsection of your market?

Me personally I like normal lease terms and make month to month significantly cost more so there is an incentive to sign a lease. Understanding you are taking this over what do you want?

I am currently in Virginia where its is anyone guess what it is going to be. But I like to invest in Charleston, Huntington WV, and Greenville SC. I personally prefer Greenville due to the warm climate and mild weather. O....you mean the market. The Greenville market, being my favorite, is warm but heating up if that makes sense. In the next five years the will be alot of new industry and charges to the infrastructure that could greatly impact the overall market.