All Forum Posts by: Omar Ruiz

My first suggestion is call a commercial lender. My bigger concern is the fact that you're asking this question on a $130M acquisition makes me wonder if your ready for a transaction of this size. 

I wish you good luck.

There's major information gaps to make a determination. Especially the lack of the NOI.

I would only do it if you had coin operating machines so you can generate extra income; otherwise, no.

I've seen it done in Texas were the tenants are charged a utility allowance based on the size of their unit, but I don't think it was on the water. I think it was for the electricity. A seller did a similar thing in Indiana were he was charging a $60 utility allowance for the units he was paying electricity on. Water is typically on a master meter on multifamily properties; therefore, it's rolled into the lease. I suggest researching what other market rentals charge to be competitive. 

I invest in California, Texas and Indiana and it's always about the team you have. The property management team is the most important so do not choose hastily. Vet property management properly and call every company you can. 

There is a minimum requirement that is less than $30,000  and in all honesty I'm not quite sure if I'm allowed to describe that here in these forms I don't want to get in trouble with the folks that organize BiggerPockets. This is a syndication that I'm doing in my legal team would probably advise that talking details here would be a general solicitation which is not allowed under the SEC regulations. What I can do is talk with you and share this information directly if you are sincere and are looking to create cash flow in equity for yourself.

Yes, I'm still looking for partners. Are you comfortable going out of state?

I'm currently working on a deal and seeking partners. Are you open to working with others on an opportunity to make cashflow? Send me a private message if you're open to the idea.

I never make offers based on future rents. That's what got investors who were buying NY office buildings in trouble. As an investor you decide the risks your willing to take. 

Great job. Now just continue to keep the lines of communication with tenants open, address maintenance issues and you'll continue to have happy tenants that will stay with you.