All Forum Posts by: Michael Sjogren

Thank you for the feedback. Currently, I am reviewing a 192 unit  complex. If we move forward, @John Rogers I would be interested in having a walk through of the property before I hop on a plane. Would you be able to perform a walk through and draft a report of the property condition along with photos? 

Thanks, 

Mike

Hello fellow investors. We are looking to expand into the Orlando market and are currently reviewing multiple deals. I would greatly appreciate any reputable referrals for the following. Please PM me as BP does not allow promotion of vendors in the forums.

1. Property management companies specializing in larger (100+ unit) B+ to C assets. Also would like referrals for reputable property managers for smaller properties.

2. Commercial lenders/brokers

3. Appraisers and property inspectors

4. Apartment owners in the ORL market to connect with

5. Insurance providers

Thanks in advance for any assistance; it's greatly appreciated! If I can help answer any questions on multifamily investing, please do not hesitate to reach out. 

Mike

@Tom Ziebro Did the M1 program and fees change? It looks like now you get matched with 3 mentors (1 at a time) over the course of a 2 year program and it is $395/month? Are the mentors assigned based on the goals we have or professional field? If you have some time, I'd love to hop on a call and hear about your story and success with the program. 

Thanks,

Mike

I am looking to acquire a number of 5+ unit multifamily properties in Fall River. Currently reviewing a 13 unit deal and several others and would like to get referrals and feedback for a reliable property manager, lenders and contractors in the market. Any insight is greatly appreciated. 

Mike

Hi William & welcome. I'm happy to grab coffee sometime to learn more about yourself and your investing goals and see if I can help you locate a property. Also it looks like you are a military man, I believe Dave Lindahl offers free/reduced-fees for his seminars for service members. @Paul Timmins can you confirm? 

Best,

Mike

Brian, that's fantastic! I sent you an email a little earlier before reading this. Let's catch up this week when you have a few minutes. 

Hannah could you send me the details on both of these properties as well. 

Thank you,

Mike

Hi Kyle,

Send me a DM with what you have in FR. 

Thanks,

Mike

Hi Kyle. I am actively pursuing opportunities in the Fall River market as well. Your analysis looks good right around that 50% expense ratio. Regarding vacancy, on these smaller multis my rules of thumb are 10% vacancy. Capex can range depending on the asset but 10% of rents or $250-350/door is my rule of thumb.

Insurance, I'll take 80% of the sales price x the city's mill rate. You can look up the mill rate (property tax rate) on the city's tax assessor page. Depending on when the property was last sold and when last assessment was done, this could be a big swing to your bottom line.

Depending on the asset and tenant base, I also budget for attorney fees for evictions $150/door. Also, don't forget to budget for due diligence and closing costs in your cash on cash analysis. This includes inspections, environmental Phase 1 (possibly Phase 2), attorney fees, bank fees, etc. I put in 4.5% for these fees. I ran the deal quickly using 50% expense rule with updated closing costs, vacancy & capex. If you are rehabbing the property right out of the gate, then you can probably pull back the 10% Capex but I always go conservative. Hope this helps.

Hi Carl. Please send me the T-12 financials and rent roll. I am happy to sign an NDA.

Best regards, 

Mike

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