All Forum Posts by: Marcus House

Hey there is already a great one that exist and had their first meeting last month. Let's combine. The next meeting is April 10th at 7PM. We meet at the Bungalow Alehouse. There is a semi private space that is reserved for the meeting. Address is 2840 Prince William Pkwy, Woodbridge, VA 221912. Come at 6:30 for early networking. If you ask for me I will be happy to personally make you feel welcomed. I am not the host. Just sharing...

Aninze let talk about how we may JV together. Saw your note above.

Thank you Spencer.  The more I think about it the more I believe this approach is going to be better than continuing to pick up cash flowing assets on my own with my resources.

Hello everyone I have a question but first I have to give you a little bit of background. 

For the last 10 + years I've been buying single family rentals. This translate into me going to look at the property and put in earnest money into escrow with the title company and no money exchange in hands with seller until the title company obviously clears the title on the property and we go to closing.  I'm looking to scale but in a more passive way. 

How do I safely partner with someone on a large multimillion-dollar apartment acquisition as a passive investor?  What tips do you have for mean.  I already know about the due diligence process and how to look at the numbers and everything so I got that part covered.  I am talking about about tips that has to do with ensuring that I'm not potentially dealing with someone that could take off with my money.  Making sure thus is real.

He is asking $125K

Hello everyone. For 10+ years I have been total focused on single family homes for rentals and considering to step my toe into the multifamily space (all as an out-of-state owner). This property is FSBO and the details below was provided by the owner. How to evaluate this and more importantly what is fair offer on this? I do have a manager that has an annual budget for managing all of my SFH currently so his cost would go up to manage this for me as well.

ZONED COMMERCIAL

$9234YEARLY BASIC EXPENSES ….$770 MONTHLY

$417FIRE INSURANCE…….$35 MONTH

$4080 YEAR WATER/SEWER….$340 MONTH

$1800 YEAR ELECTRIC COST…$150 MONTH1st fl, halls, basement, storage area ground floor of owner

$1200 YEAR TRASH REMOVAL…..$100 MONTH

$100 YEAR LICENSE FEE….$8.00 MONTH

$1637 YEAR TAXES……$137 MONTH

BASIC MANDATORY SCHEDULED EXPENSES

UPSIDE POTENTIAL OVER THE NEXT YEARS FOR MORE INCOME AND HIGHER RENT COLLECTIONS.

1st floor $650 monthly,2nd floor front $425 monthly,3rd floor front $475 monthly, 2nd floor rear $400 monthly, 3rd rear $400 monthly when repaired.

$2350 MONTHLY INCOME….$28,200 YEARLY…..

IS RETIRING FROM THIS BUSINESS AND SPENT MANY A TIME AND DAY DOING REPAIRS, MAINTENANCE, AND KEEPING THE PREMISES IMPROVED AND REPAIRED OVER ALL THESE 30 YEARS.

EACH OF THE 5 (FIVE) APARTMENTS HAVE 2 BR, LR, KIT, BATH ALONG WITH OWN FURNACE AND OWN HOT WATER HEATER PLUS REFRIGERATOR AND STOVE

3 FURNACES REPAIRED WITH NEW PARTS….EARLY 2018

EXTERIOR PAINTING………JULY 2018

NEW ROOF......SINCE THE END OF 2017

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $16,500

Tenant occupied no work required. This was a nice deal. I got three of these in a single package deal.

What made you interested in investing in this type of deal?

Cash flow

How did you find this deal and how did you negotiate it?

I saw a posting on craigslist. It did not work out but a week or so later he contacted me about a different deal for three houses all together at $20K a piece. I went to look at each saw few flaws and negotiated the price down. All properties were tenant occupied.

How did you finance this deal?

None

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nope.