All Forum Posts by: Mario J Perez

What's an IO loan Jon?

I’d like to get an opinion on a 22 unit apt. building I’m being offered.

Location: Pompano Beach, FL
Asking Price: $1,490.000.00
Down Payment: $400,000.00
Owner will finance $1,090.000.00 at 6% interest only

Units Bedrooms Rent
20 2-1 $800-$850
2 1-1 $650

YEARLY RENT: $219,600

EXPENSES:
Taxes: $26,412
Insurance: $4,626
Electric: $660
Utilities: $8,411
Garbage: $3827
Repairs: $6,000
TOTAL: $49,936

NOI: $169,664
CAP RATE: 11%

Hi Shunda,

Sounds like a small spread. "Not gonna do it, wouldn't be prudent".

Mario

Thanks Champak,

I don't want to loose money either. I've been doing a lot of reading here in BP. I am planning to build a buyer's list first and the go after the property.

Justin (last name) blog?

Thanks,

Mario

I currently live in Puerto Rico. I was thinking of putting the property under contract and then market it extensively. I haven't seen the house nor had repair estimates on it. I think the guy who told me about it is a broker but I'm not sure. Which Justin is that Blog you tell me to read? What is a good way for me to build a buyer's list? I'm just looking to do my first wholesale deal and am looking for some guidance in the subject. I would like to partner with someone (if somehow possible) for me to "learn the ropes". Thanks for your help,
Mario J Perez

Thanks for the quick reply. I would like to wholesale it. No, I don't have any relatives in Atlanta that can help me do repairs. My intent is to do a quick flip. Why would it be hard to wholesale? ARV I'm guessing is about 70-80K?? Thanks for your help.
Mario

I would like to get anyone's opinion on a property I'm being offered in Lithonia, GA. 4 bedrooms, 2 full baths, +/-1,400 sq/ft. for $35,000.00. Some cosmetic repairs are needed; about $6,000.00. Please help,
MarioJ

Has anyone used fundthatdeal.com for down payment assistance?

Thanks...

I’ve been told to look for market indicators when looking for places where to invest. My question is how do I pick a target market (state, county, city, or town) to analyze? Thanks,
Mario