All Forum Posts by: Patrick Noel

Thanks @George Hermann

I appreciate the insight. I am currently seeking my first multi-family. It is currently inline with my goals, the rents are under-market, great value-add for future development and in an area that is going to see heavy development backed by the city.  These parameters aside, the building was built in 1965 (50-years old), so I am looking at it with an eyebrow raised. I am currently awaiting further documents about the property before I can make a final decision. 

Thanks! @Account Closed

I've found only disadvantages associated with acquiring older Multi-Family units....More Wear-and-tear, expensive capital expenditures regarding roof replacement, higher insurance, etc... I am curious to find out, if there are any actual advantages associated with purchasing older multi-family units (40+years) aside from maybe negotiating much lower prices?  

ListSource.com is a great resource

Looking forward to it! 

I'm 25 years old, and I currently operate my own business. I became interested in Real Estate Entrepreneurship through my family, as it was very lucrative for them especially when the market was great (early 2005s). I saw both the good and the bad, and took notes on hw I would enter the market. After tons of research (especially reading the ABC's of Real Estate Investing), my goal is to  acquire a Multi-Family Unit within one year. 

 It is verified by your Bank Account Balances...you need 20% (25% in my case) plus 6-months worth of cash reserves. 

I'd be interested if this gets set up!

From my understanding a 1031 Exchange works based on the gain you would receive from the sale of a property. So, if you are able to sell at $500k, the deductions from the mortgage, broker commissions, fees, taxes, etc...provides the net amount  which you would then put into escrow for investment purposes.