All Forum Posts by: Serge S.

@Account Closed Yes I always read people buying performing notes in the 50-70% range but whenever I look at loanmls everyone is asking well over 90% of UPB.

@Ellis San Jose I do have a professional servicer collecting. What kind of % of UPB can I expect to receive. I understand there are a lot of variables but I'd like to understand the range I can expect.

I have a performing note backed a large multifamily property that I generated. I have had it less than a year so not much seasoning. It is around 80% LTV with an interest rate in the high 5s, fixed for 20 years. I'm considering selling the note and have worked with some companies in the past.

Question to all you note buyers/sellers - what would you recommend as the best forum to get top dollar for selling your note? Websites, Companies and links would be greatly appreciated.

Definately start small. Without the right experience you will not know what a good deal looks like in the Multifamily sector.

Where are your utility expenses? Those will eat a lot of your income. With those average rents, tenant class and condition there is no way you only spend &10k on maintenance. That's a few ACs and a bad turn/eviction. I highly doubt a property like this will produce reliable cash flow and consistently carry your debt. I would not jump into this unless the area was very local and I had a lot of experience w this tenant class. Property management will not make your headaches go away and there will be many.

Great thread. As Ben Leybovich mentioned there is not much going. In fact I don't remember the last time I saw a deal that was marketed on actuals. Everything is a laughable cap on pro forma in complexs with inherent flaws (boilers, master metered, bad unit mix, def maintenance, etc etc. We purchased a 56 unit a few months back and it took it falling through w other buyers twice and a complex probate to finally motivate the seller. I purchased at around a 8% cap going in but the complex is class B with a lot of upside that we are already realizing. IRR is really a guesstimate using future variables and assumptions that do change. I'm looking at 15% cash on cash year 2 w conventional financing. 80% LTV 3.5% fixed 10 yrs 30 yr amortization. Not a homerun by any means but a great local and manageable buy and hold. Personally I don't think it's the time to buy large Multifamily.

Looks like autoadrenew.com is no longer an active site.

@Andrew LeBaron  Thanks! I will give autoadrenew.com a spin. Appreciate the feedback.

Regarding the Casa Grande commercial buildings we are just way too far off. If you think my offer was out of line I suggest you post the property and numbers here on BP and see what other members think it is worth. I'm pretty sure most members would see that deal as I do. Its hardly a wholesale deal, more like 200% of retail value any way you look at. I do appreciate you bringing it to me though.

I'm looking for some help to at the very least post my rentals to Craigslist multiple times a day so that my listings stay on top. I checked around on Odesk and they say that hiring a CL Poster is not allowed by them or Craigslist. Strange because there are many people posting that they provide this service.

Does anyone use such help? If so, what site do they use and how are the results. What other tasks do you use a virtual assistant for in your buy and hold business and what feedback can you provide? I really need the help, still a bit skeptical though.

Ben Leybovich is a big bad heartless rich landlord. That being said he is right. If your in this game long enough you lose the ability to hear excuses. Just this month I had 3 tenants that were victims of fraud, car broke down, health issues and dog are their homework. My response is always the same, pay or move out peacefully or the sheriff will do it for you.