All Forum Posts by: Michael Brown

@Kenneth LaVoie, Wow you really got busy to buy 50 units in 3 years! I am just starting out in my journey, currently under contract on a 5 unit property in Bath Maine.

Did you have significant capital to get started or were most of your deals creatively financed? 

I'm curious, have you had any serious offers on your portfolio yet? 

Best to you,

@Andrew Medlen you have been a HUGE help. I called Ben today and am waiting for a return call. I'll let him know you referred me. Thank you!

@Andrew Medlen 

Hey Andrew,

Thank you for the tip! I'll be sure to check them out. Just so I have a sense for what is normal would you be willing to share what you are paying and what that covers? 

Thanks!

Greetings BPer's , i'm looking for a referral for landlord/owners insurance for a 4 unit owner occupied in the greater Portland Maine area. Thanks in advance!

@Jay H. I'd love some sauce if there is any left!

Have you figured this out yet? If not, have you looked into doing a hard money loan and then refinancing after the repairs are finished? 

Best,

Greetings BP community,

I'd like to make an offer on a 5 unit commercial property. I have the option of owner financing, but unfortunately I don't have much money for a down payment. Here are the numbers:

Property Numbers

List Price: $330,000

Annual Rent: $39,600

Annual Taxes: $5,250

Annual Insurance: $3,600

Annual Vacancy (assumed 8%): $3,168

Annual CapEx (assumed 5%): $1,980

Annual Repairs (assumed 5%): $1,980

Annual Misc Utilities: $1,200

NOI: $22,422

Potential Deal Offering

Down-payment (3%): $9,900

Seller financed portion: $320,100

Amortized Period: 30 years

Interest Rate: 5%

Balloon Payoff: After 10 years $262,093.72 (At this time I would refinance to payoff)

Payment Amount (monthly): $1,718.37

This would be my first deal ever... I sense that I have a slim chance, but if you don't make an offer then you will never know.

Please share your wisdom and insights with me, I need help.

Thank you,

Greetings BP Community,

I'm new to the BP community and after reading many books, listening to BP Podcast's and actually starting to network, line up funding and view properties, I've realized that I need to be as efficient as possible when qualifying deals.

My focus is SFH and MFH up to 4 units.

My question: when qualifying deals, what are the most important things to consider first? In other words what are the biggest potential deal killers that if not dealt with first, then it makes no sense to do any more work because it will be wasted?

My goal is to make a "Death Threat Checklist" to help systematize my deal evaluation.

Thanks for your input!

Greetings BP Community,

I'm new to the BP community and after reading many books, listening to BP Podcast's and actually starting to network, line up funding and view properties, I've realized that I need to be as efficient as possible when qualifying deals.

My focus is SFH and MFH up to 4 units.

My question: when qualifying deals, what are the most important things to consider first? In other words what are the biggest potential deal killers that if not dealt with first, then it makes no sense to do any more work because it will be wasted?

My goal is to make a "Death Threat Checklist" to help systematize my deal evaluation.

Thanks for your input!