All Forum Posts by: Mark Choi

Thanks for your advice, Kevin. 

@Aaron K. Thank you for your input. I figured as much, but thought I'd reach out anyway, just in case there is someone who may know something. Hope somebody knows something about this.🤗

Hi everyone. Is there something or someone out there that specializes in the entertainment industry - particularly soundstages and studios for the Culver City or Playa del Rey area? Any guidance will be appreciated. Thanks

Hello, everyone.  Could you please help with a capital gains question?

Owner: 70 yrs-old, New Jersey resident, annual income $70,000 - married.

A 2-story building with 1 store + 1 apt in New York purchase price $10.00 in 1986.

Took out mortgage $57,000.  Satisfaction of mortgage 1998.

Owner wants to sell for $475,000. 

Supposing that it will sell at that price, what would be the capital gain for the owner?

Is there an exemption amount?

I will be meeting with my CPA tomorrow afternoon to discuss in detail.  However, I need a rough idea ASAP in order for me to plan a few things now.

As always, your pool of knowledge is very much appreciated.

Thank you and be well

Mark

Pricing opinion please. Vacant lot 1/2 mile radius from Yankee Stadium 3500 sq ft 12000 sq ft buildable Going rate is $40-$45 per buildable sq ft R7-1 w overlay C1-4 zoning Seller has $50K mortgage My calculated guess is $500,000 Appreciate your thoughts :D

I have been immersed in MF education since August - in all seriousness, not a single day of not learning or practicing. Have yet to find a property to create an LOI. However, analyzed over 25 properties from loopnet in 7 states with over 10 brokers. The deals weren't all that bad. It was just that none of them worked with my numbers. I was very upfront of who I am and explained to them why the numbers didn't work. Many of the brokers sent me other deals afterwards. Not their pocket listings, but at least they weren't from loopnet. I have a feeling I'll be contacting them on a regular basis. Be transparent and upfront. And my biggest advice for you is more education. In all the education that I come across, the first thing after they explain "why" MF is a great business is, how to look for deals. Your question makes me worried for you. As long as your eyes are opened to MF world, I encourage and challenge you to dive in and immerse yourself. I recommend David Lindahl and Kevin Bupp for hands-on or coaching. Rich Dad group for reading. Whatever you do, do NOT give up!

Serious question here. Wondering since my RE education started in June. I'm more curious what would happen to real estate investors, in particular, when the dollar collapses. So that I can understand, can anyone tell me what would happen to my hypothetical syndication deal situation: Six multi-family apartments: 800 total units Combined purchase price of $30M 80% of it have been provided by Fannie Mae or other loans. All in emerging markets. Cashflow after taxes:$976,564 I have 0 of my money in any of them, because I syndicated the deal and own only 25% of cashflow and and appreciation for each of the properties. 1) When the US dollar collapses and a new currency becomes the world standard, what happens to these properties and the owners? 2) Do we lose them? People still need to pay rent, so just as the banks get their monthly payment, would anything really happen? 3)Don't you have to own the property free and clear in order for it not be affected by it? PLEASE! No opinions about the dollar collapsing here. There are plenty of other places in the web for that. I would LOVE to hear from those with a large portfolio and have actually studied about the hyper-inflation and the collapsing of the dollar. (If you're just guessing, please state so.)

@Michael Le and

@JJ GONZALEZ II, both of your advice are much appreciated!  Since asking the question, I have discovered that this short-term lease strategy is quite effective in many parts of the city across the country.  I will definitely heed all the wise words!   Thank you!

Thanks @Andy Petzold. I'm hesitant in doing so, because then my offer has to be at a whopping $2M lower than what they are starting off with; albeit percentage wise, it's only 25%.  I will definitely consider this.

Attention seasoned multi-family property investors: To offer or not to offer 100 units Asking price $8M 60% 12 mos leases 40% monthly leases Total 97% occupancy My underwriting with the assumptions of all the avg expenses looks great. 12.13 COC and 8.73 CapRate and strike price is $7.5M so there's a high probability of offer being accepted. The HUGE issue is that their actual expenses are off the charts. $121k over my typical expenses!!!! The seller has a chain of properties that they operate the same way - mix of monthly and yearly leases. And they tell me the expenses are high due to high turnovers. They also tell me that this particular property has been running this way for 16 years. And this is also the reason for selling. I do not know if the other properties' expenses are just as high. 1) If I take their word for it and use their high expenses, the numbers don't work unless I offer a lowball number, which they will most likely not accept. But do I anyway? 2) I can offer at near their price. Then assume to take over the property and bring down the expenses to the "norm" but what do I know about the short-term leases? Maybe they are running it the best way possible? 3) I can convert it to 100% yearly leases and run it the way I know how. But will my occupancy rate stay high? 4) Should I make the offer then get 100% lowdown during due diligence to make final decision? If you were considering to be part of the syndication, what would you think and/or ask? I truly would appreciate your thoughts. Mark H Choi ASOC