All Forum Posts by: Timothy Evan Drummond

@Dion DePaoli, do you add cash inflow from the sale of property in your final time period?

-$100,000

1 $7000

2 $7000

3 $7000

.

.

.

n $107,000

Or do you leave it out of your model to be conservative?

-Evan

Hey Glen,

Shoot me a message, I may be able to help out!

@Aaron K. Great advice about talking to tenants.  Hadn't thought about that.  I had planned on the building inspection contingency.  

@Corey Woodruff. NOI is $1,425 and mortgage is $845 for a total monthly cash flow of $580. That's roughly a 22% cash on cash return. I'd like the per unit monthly $$ to be a little higher, but I honestly think the current owner is under pricing the units a little for the market. So their could be a little added income potential there.

I'm going to look at a 7-unit apartment building next week.  Its currently fully leased, and on paper (assuming 50% expenses) it cash flows very nicely.  Any land mines I should be looking out for?  If I pull the trigger this will be my first real estate investment.

P.S. I just finished the real-estate beginners guide.... Great info!

@Reginald Pintang

Right now is a weird time in Charleston.  The University just laid off 170 employees due to lack of state funding and enrollment numbers are also at an all time low.  May be a good time to consider buying though!  I don't think EIU will close, my opinion is that a bigger school like U of I or SIU will buy the campus and make it a satellite.  

And yes, I'm loving all of that I'm learning!!

The building is at least 4000ft2, sits on a good sized lot, and already has a covered drive through.  It also sits at an intersection of two major state highways.  I would think they'd at least be interested, but I can't get through to a human being!  Maybe they'll get sick of listening to my voicemail's everyday and at least call me back and tell me they're not interested. :)

Linkedin is a great idea.  I hadn't thought about that.  Thanks!

Anyone ever rented a commercial building to Starbucks?  A bookkeeping client has a property that would be a perfect location for one.  I told him I'd do some research and see what I could come up with.

I've tried calling the regional office number but I can't get past their voicemail system!

I'm new to the forum but is there a way to attach excel files?  I can give you a quick and dirty spreadsheet I put together.

Hello,

My name is Timothy Evan Drummond but I go by "Evan," and I am located in central Illinois. I joined a couple days ago and have been poking around different discussions trying to get a feel for the group. I thought I'd go ahead and post an introduction and start making some connections. I became interested in real estate while I was in grad school. Real estate investments just spoke to me for some reason. Since then my wife and I have been saving our money and looking for real estate investing opportunities.

I am currently a controller in the auto industry by day. I have been involved with some commercial real estate purchases with my job, and I also manage the books and consult for a few real estate LLC's. I think I am most intrigued by multi-unit properties. I like the idea of flipping houses, I just don't know if I'd be able to pull it off! I'm looking forward to interacting with you all and learning more from your experience.

-Evan