All Forum Posts by: Richard Bradshaw

@Chad Jarrah I'm getting it off the county Assessor's site, where would you look? 

Once I meet with the seller and ask him about it I will let you know. 

I'd put it at a 8-10% cap rate @Thomas S.

I was driving and saw a property that was obviously a multifamily and it looked a little distressed. Roof definitely needs work, still need to see the inside when I meet the owner at the property on Saturday. 

The property is located in Bethlehem, Pa and consists of 7 units (4 two bdrms and 3 one bdrms) with an average rents of $700. According to the county assessors website, the taxes are $917 annually (I know, wow thats low!! I'm pretty sure that is accurate though). Owner only pays for WST, which I'd estimate at $600/mo (3.5x my duplex), the below per month

Vacancy:	$392.00	Repairs:	$98.00
CapEx:	$98.00	Water:	$200.00

I know I can add value to the property with a light rehab; $50,000. The rents are below market value. There are also a lot of new developments and an expanding/newer Casino which sparked development in the city. I am bullish on this area. 

Let me know if you need any more information to make a better assessment. 

I've been dealing with single family and duplexes; I am only in my first year of REI, 3 properties in. Larger multifamilies is where I want to go next.

Thank you!! 

@Dave Hurt I saw you said you sent 1000 mailers a month at $1k/mo. I am guessing these were postcard type mailers? or were they letters? Did you use an existing company to mail these out? 

How does that work with your mortgage? @Jake Thomas

Read "The Miracle Morning" - Hal Elrod". If you are finding success in what you're doing, you will find major success in his methods. He also was featured on a BP Podcast. 

Yes, it could be illegal and by the amount of small investments you are looking to get , you will probably end up doing something illegal. For it to be legal, you must have known them before hand and they must be knowledgeable/experienced investors prior to you soliciting them. It is more complicated than just that and there are other laws you could break the law. I'm not an attorney, please seek the advice of an attorney about security/funding laws.

@Daria B.it definitely depends on the condition of the property on whether you will get it at a discount and also what your market is like. I can't tell you why someone would reject a higher offer. All I can think is that the bank had already accepted the lower offer. 

@Daria B.Thank you, 

Yes, you will need an agent. We did negotiate back and forth a couple times. They are a little more difficult to deal with than a with a regular seller, but those are the hoops you'll have to jump through for the discounted price