All Forum Posts by: Karolina Powell

I'm looking to add another 3K in cash flow, hoping to do it with a smaller apartment building if I find the right one. I currently only have SFHs and small multiplexes. I also have one neighborhood that I am hoping to purchase an SFH as an appreciation play.

Having the same problems.  It feels like the first week of the month, I spend chasing down payments to make sure all of my loans are paid, even though I have everything on autopay.  Way too much time spent on phone calls and on chats etc

Another vote for the Pittsburgh area.  I own 11 that were under that price point in the area.  In this area you just have to make sure you get a good deal on the acquisition because the homes are frequently 100+ years old so our repair costs are higher than average.

I'm in western Pennsylvania but have not been able to get deals that match the 2% rule here either.  I aim for 1.5% but have even done the 1% rule in areas I think that will appreciate quicker than others.  You have a lovely building!

Adding that it is currently 100% rented, 101K gross revenue

I'm looking at a 13 unit, ten apartments over 3 storefronts along with a parking lot, purchase price 750K, square footage wise and revenue wise it's largely residential. I'm hoping for 80% LTV. 790+ credit score, great W2 income if needed, DSCR 1.2+, 7.2% cap rate. Located in Pennsylvania. Anyone see something that fits or am I looking for a unicorn?

What will property taxes be when you purchase it at the new sale price? 

Thank you to you both for the insights!  I appreciate you confirming what I was seeing.

Charles, I'm looking for 10-30 units at this point in time.

I own several SFH, duplexes, triplexes, and a quad but I'm in discussion regarding a 13 unit mixed use property that is of interest to me mostly due to location (I own several properties in the area and it's near me and I have a good pulse on the town). However the financials that have thus far been provided are just a typed out PDF of gross rents and expenses. I am told that if we go under contract, I can review their books during the due diligence phase.

How do I know the books are complete and correct though?  It wouldn't take much to delete some expenses from quickbooks for example or add some rental income.  I know I can review the leases and that should give me gross rents but everything else seems easily manipulatable.  Besides a rent roll, copies of the leases, and P&L or cash flow statement for the property, what else do I want to look at?

Additionally, how do I find a realtor that deals with larger multifamilies? My realtor isn't showing me anything that isn't on the regular residential MLS and she doesn't really add any value to these larger deals. I'm sure there are more multifamily buildings changing hands in my county besides what I am seeing.

Thanks for the help!

 Thank you for the correction!  I was incorrect.