All Forum Posts by: Mike A.

There was another 12 unit CMF I was looking at. It has an independent appraisal of $2.1 million that was completed recently, yet the seller is asking $2.7 million for it. It's been going on and off listing for 2 years. I just think some sellers are delusional. I went to see it last January. At that time it was listed at 3.3m. It was the fastest walkthrough I was at. The seller was actually there with both agents. Very strange situation.

Was just curious. I do not entertain those "opportunities".

Maybe I am missing something, but I am not understanding how people are buying properties yielding < 4,5,6 percent gross. What am I missing here? If a mortgage is around 5%, then add taxes and other fees, how do people make cashflow and pay for expenses?

PM sent. 

 6 + a few garages.  I put the water/sewer under other.  All in all, about 125 bucks per month.

Yep, it seems good. I actually added an additional 800 bucks a month for any issues.  It should net a bit more. 

PM sent.  

Does anyone know if any credit unions friendly to multi-family 6+ units financing? I'm having a hard time finding competitive rates and terms because I'm over the 2 - 4 unit treshold, and under the 1m threshold for preferred financing.

I punched in the #'s for a building we're under contract on. #'s look better than I envisioned. Did I screw up somewhere?

https://www.calculator.net/rental-property-calculator.html?cprice=430000&cuseloan=yes&cdownpayment=25&cinterest=5&cloanterm=30&cothercost=10000&cneedrepair=no&crepaircost=375000&cafterrepairvalue=1600000&ctax=10200&ctaxincrease=1&cinsurance=3500&cinsuranceincrease=1&choa=0&choaincrease=0&cmaintenance=200&cmaintenanceincrease=3&cother=3000&cotherincrease=3&crent=6400&crentincrease=2&cotherincome=0&cotherincomeincrease=3&cvacancy=5&cmanagement=8&cknowsellprice=no&cappreciation=5&csellprice=200000&cholding=20&csellcost=5&printit=0&ctype=&x=63&y=27

One of my property managers is getting married next week. I've know him for nearly four years. It's basically him and his soon to be wife working in his company with a bunch of subs. He's a decent guy, not perfect and wish his communication skills were better, but a decent guy overall. Should I give him a couple hundred bucks as a wedding gift or something? I normally do not do this, as all my other props are directly managed, but he does over see 8 buildings of ours in Newark.