All Forum Posts by: Rich Lopes

@Sanjoy V. From what I know & see DFW is already up there. Cap rates are severely depressed. Folks are buying C class properties with A cap rates. Unless the nos. make sense don’t buy it - smart money is on sidelines waiting for opportunity.

Hello BPers, Looking for thoughts on buying a 16-unit multi-family property which was recently fully rehabbed and 100% vacant at this point. The seller's asking price is close to 8% cap based on the Market rents. Cap rate is based on 40% expenses of the gross and 5% vacancy.  Closing condition - seller might be able to fully rent.

Questions:

Is it a deal or no deal and would you buy it? 

Would the bank do conventional financing on an empty property. 

Any other suggestions.

@Arturo Colmenero, surprised to hear that with 91 doors you are not anywhere close to earning enough income. How so? Whats your per door net income if I ask, unless you have partners than I understand.

@Pravin Kumar, you should probably check bizbuysell dot com or bizben dot com for much better advise. I am not affiliated to either of those companies but they seem to have better info than what you can find on BP.

@Sam C. I haven’t really started talking to another PM yet but will probably check KC that @Mark Boek is using. On the side note I am also looking to sell one of my Triplex in that market and 1031 exchange into larger property sometime early next year.

@Melanie Hartmann, wishing you all the best. You are truly believing in getting out of rat race here. But from I have heard from so many BP podcast, Wholesaling is more of a job than investing. You have to keep doing it day in and day out. I would say at some point you will want to move out of it & start investing when you have enough dough to buy some investment properties. 

Originally posted by @Jerryll Noorden:

Originally posted by @Account Closed:

would you live in a triplex that wasnt yours with an active demo n reno going on?

 you are creeping me out dude. I don't want to play no more..

That's the best comment I have heard and laughed about..haahha :D :D

Just listening to his podcast is more powerful and motivating. He gets to nuts and bolts of wholesaling period. But at the end of the day it all boils down to sending postcards and mailers to motivated sellers and he walks through those steps in his Podcast as well - I am sure he goes more in- depth in his courses. No more what Sean is probably one of best I have heard so far on wholesaling besides Michael Quarrels on wholetailing. Both are equally good. Declaimer: I am not affiliated to either but I have listened to both.

@Joseph T., Yes I am assuming they are better compared to others but I can't say for sure since I haven't worked with others but from @Marcello Oliveri's comments it looks like Voepel could be at least in the Oscar nomination. Fun aside, I have expressed some of my concerns above, otherwise I am ok with them. Their Marketing, electronic leasing process and Owner portals is probably better than most if not top notch.

@Spencer Hilligoss, Would mind sharing your TK contact as well PM contact you use in KCMO? Thanks!