All Forum Posts by: Lee Scarlett

@Brent Coombs, this is an off-market, private sale!

 Thank you so much for the needed help LaTonya.  I feel this individual has not been admonished ever, or in a long, long time.  He is actually quite rude , maybe downright obnoxious in many of his post that I have seen and those I've heard of.  I want to continue a conversation with him however for the benefit of the forum!

Reasonable points @Brent Coombs, that's where you come in.  I am basically a novice in this particular scenario so, the questions I need to ask is important for me to learn, to hear from helpful members like yourself.

Here is some info, whatever needs to be asked after you look over it all, please let me know!

120-unit apartment with address @ $9.5 million (firm). Owner turned down $9.3m already.

In the documents you will find $23,000 a month for contract labor, that is money the owner pays himself. You will also see $8,000

a month in management fees, that is also money the owner pays himself.

$23,000

$ 8,000

___

$31,000 added back

If you remove those two items from expenses the cap rate should be around 9%.

 Hahaha, walk away? how about all the people here on BP?  If it's impossible for me, maybe it is doable for someone here.  What do you think about that?  

Thank you anyway, because I think you are sincere in trying to help!

 Awesome Brandon,

I will take notes from your post and follow your advise.  However, I think my first step is to see if it makes sense at all.  The owner lives oversees and I'm concerned about his asking price.  So for me, it's feasibility starts with the price point!

 Thank you J Beard, I look forward to our next interaction been all positive.  Be nice to me and I will always be respectful and kind.  But more importantly, I am doing my part to help this forum remain positive and clean (even as a newbie, sort of).  I am not mad at you, I made my point and it's done!

 Me too J Beard, as much experience as you have, you should know I don't need to have managed anything to have this opportunity.  I suggest you drop your arrogance and just help here when you can... or just say nothing!

 Hi Simon,

Thank you for the helpful input.  I am not so much looking for advise as I think honestly this is over my head, I am looking for direct help on it.  So then, I want to be smart enough to know not to choke on too big of a bite (you get my point)!

 Jose,

As for PM services, let's see how everything pan-out first!

 Hey Anthony, 

Wonderful... I will send you some details!