All Forum Posts by: Jimmy Mozingo

@Bonnie Rhodes about to close on our 1st house hack at 57.

@Jim Kittridge I am so appreciative for the input. The rents are below market. The property themselves will be upgraded in 3 phases and will command even more monthly income plus huge equity build. I’m not asking you to partner up as I am just entering in this arena but can you introduce me to people you know that might be willing to work with me. I’m going to work my *** off to ensure I do what it takes to make this happen. I know this is a good deal with excellent potential.

Again, thank you Tim. I am humbled by your willing to provide your wisdom, expertise, insight and candor.

If you know of someone willing to join me on this journey, please send my way.

@Nicholas Fiorentino you are 100 % correct Nicholas. Having been through several appeals hearings and counter suits, anything “discoverable “ can and will be used against you.

As advice to all.... you can absolutely call anyone out who has not acted in good faith, participated in fraudulent activity or scams, knowingly caused financial or structural harm without recompense or the like. Only speak to your personal experience(s) and NEVER MENTION ANYTHING ABOUT YOUR CASE IF YOU ARE IN LITIGATION!

@Steve Morris again you provide sound advice. I downloaded your book and giving myself a crash course in Apartment investing. Your book is amazing! Written with the new investor in mind in a language that is easily understood. I’m a 1/3 of the way through and already my mind is blown by how many things I did wrong entering into this deal. My tenacity, dogged determination and putting my fear in the back seat will move me forward. Worst case, I completely screw things up and have to scramble and hustle to do get this deal done. Best case, I find understanding, knowledgeable partners willing to work with me and create an profitable outcome for all. No matter what, the amount of education I’m getting is invaluable. Thank you sir.

Steve. Great insights. I am pretty sure I will continue the buy and hold strategy and find some partners to go in with. The EM and POF are not my issue. My issue is educating myself on the pitfalls, shortcomings, do's and don'ts, etc.

I’m understand enough that I have to rely on professionals to fill in the blanks where my experience falls short. Thus my posts to the BP community.  So far the responses received have truly been gold to me. Thank you all. Please keep em coming. 

@Jimmy Mozingo. Correction... Cap Rate is 6.5%.

@Scott Wolf

I am out of my element here but jumping in. I know conventional wisdom says don’t bite off more than you can chew.

Scott I truly appreciate your feedback. I am definitely new to investing and yes I have some capital and sweat equity and a huge eagerness to learn to invest.

In my case, is this something I can wholesale instead? If so, what advice would you have ? Thank you for taking time to reach out.

Just received update on financials as follows:

LP- 7,190,000

Gross income: 666,264

Annual exp: 202140

9.3 cap rate

The portfolio contains 4 units totaling 80 doors in the Central California area. They are motivated to liquidate but will not carry. The financials indicate Gross Annual Income of 666264. Annual Expenses 202140. Rent roll indicates 100% occupied. Offering 6,279,830. Cap rate: 10.6

I am truly appreciative of the information received. It is true that I am out of my element. I am unfamiliar with this market. I have the financials as follows:

A total of 80 units. Rent roll shows 100% occupancy. 

Gross Annual income:  721592

annual exp:                 202140

NOI: 519452

Deposits:                      56300

Quick glance of these numbers...does it make sense? Good deal or not? I know I’m missing some critical info such as cost of funding, verifiable expenses, verified rent rolls, etc. During evaluation period and due diligence what are Big things I need to be aware of, look for, etc?