All Forum Posts by: Mario J Perez

Thanks a lot to all of you. All of your opinions are highly regarded. So what should my offer be?

Mario

I'd like to get opinions on this So. Fla. deal.

Location: Ft. Lauderdale
8 unit apt. complex
All 1 bedroom/1 bath
14 parking spaces
New roof in 2009
Central A/C in each unit
On site laundry (additional income)
Occupancy: 100%

Here are the numbers:
Asking price: $736,000.00
Estimated Yearly Mtg. Pmt. at 5%, 30 yrs: $36,800.00

Income:
Monthly Rental Income: $5,855.00
Laundry Income: $2,400.00
Total Monthly Income: $8,255.00
Yearly Income: $99,060.00

Expenses:
Taxes: $7,720.00
Insurance: $2,230.00
Water: $6,300.00
Electricity: $650.00
Waste: $3,200.00
Total Yearly Expenses: $20,100.00

$99,060.00 Income

- $36,800.00 Mtg. Pmt.

- $20,100.00 Expenses

=$42,160.00 NOI

Thanks,

Mario

I've also read Investing in Apt. Buildings by Matthew Martines and found it an easy to understand read and very informative. I liked the financial formulas and examples he gives to determine if it is a go or no go.

Thanks...

I'll keep you posted

Mario

Please help me with this deal. A friend brought it to my attention and I would like to get an oppinion on it.

Asking Price: $1,350,000
Miami, Fl (Downtown Area)
22 Units
11,500 SQ/FT
3 Stories
100% Occupied
9.7% CAP Rate
NOI: $131,319
Unit Mix:
15 - Studios (450 SQ/FT) (Rent $650)
6 - 1/1 (550 SQ/FT) (Rent $550)
1 - 4/1 (850 SQ/FT) (Rent $1,350)
1 - Storage (700 SQ/Ft) (Rent $450)
Government Subsidized
Existing Assumable Loan of: $770,000 at 6%, 30 Yrs.
Seller Looking for $580,000 Down Payment

Description
Appreciating area with a steady government income; under a HUD assisted program. Recently renovated. This property is priced to sell. 9.7% cap rate for a government income property. Blocks away from Downtown.

Highlights
Under a HUD contract that pays 90% of the rents.
All tile, recently renovated; new elevator shaft.
All elder tenants, easy to manage.
Assumable mortgage only 6% interest rate
100% occupied; 30 person waiting list

I'll keep you posted...

A couple more details on this deal.

Currently 100% occupied.

12 or 13 of the units are seccion 8 rents.

Thanks Uwe

1.1 million AND owner financing?

Thanks to all for answering.

So what should be my offer?

Mario