All Forum Posts by: Tony Nguyen

Hey Kurt,

I've taken all the core CCIM classes within the past few months and am planning on taking the designation exam in October.

For what you're wanting to do, CI 101 will be enough. 102 is about market analysis, 103 is user/lease analysis and 104 is basically 101 on steroids. If you don't want to dish out the money for 101, try the CI Intro course. Now if that's not even your cup of tea, the lowest tier class I'd recommend is one that's thrown by your local Realtor board. I actually took one that was financial analysis specifically for Single Family Houses (did it for the credits). It was basically just the very, very fine points of 101.

Good luck.

I see what you mean Joel, youre right. After I speak to the bank and know the options, I'll post it here so every knows whats going on. thanks again.

Thanks for the reply Steve. Once I dive deeper into the property, I'll keep you all posted w the DSCR, lender info, etc

Johnny - i actually did see a deal go through with MM Capital Group that was 0 down, apartment. I'll chat with you about it when I see you. can you email me pls? let's get together. I will keep this thread updated about the loan.

Don - 9% is more realistic in B class properties in the area where this 44 unit is at. I've seen lending institutions take hits at that level before. Will this one in particular, I don't know. That answer will be handled once I start speaking to them etc. I don't see why not though if the borrower is in hardship. If his business has suffered and their BPO and appraisal says the property is worth X, why would they say no to the short sale? To us, it seems like a no brainer for them to approve it but of course, I've seen the decision go the other way which blows my mind ever time.

Thanks for the reply Joel. I haven't dug into that yet as they are working out one final thing before giving me the authorization to speak to the bank. Once I speak to the bank, I'll have a better picture of what type of loan it is and how it'll effect them and help point them in the right direction.

A short sale will be better then a foreclosure in this manner. With a short sale, in three years with current guidelines, you can get a loan again and life will be back to normal. I know because I short sold a property in '08. score went from 7xx to about 550, interest rates on credit cards went up to the mid to high 20s and everything else. However in 2011, life was normal again. Got mortgages, credit cards and my score is back up in the 700s. With a foreclosure, it takes much longer to recover from what I've read, however I don't know the exact numbers on that since I haven't been through it.

Anyway, again thanks for the bringing up the questions that need to be answered. I'll use it as a guideline when speaking to the bank.

Seller bought this for almost $4 mil @ the height of the market a few years ago. It's annual NOI today is @ 120,285 so @ a 10 cap, I've valued it @ $1,202,850. They'd walk away but don't want to ruin their credit so they've agreed to let me help them with a short sale AND purchase it myself if I'd like to. They are fine with paying the 1099 they'll get hit with after the sale.

With a deal like this, I'm wondering how many other ways I could try to use "creative financing" to purchase it?

At first I thought I could perhaps take over payments or do a mortgage wrap but they are BIG TIME negative. The mortgage, tax and insur is about 16k per month (that's correct, they've been unbelievably negative for a few years; I have no idea why they still pay it). Another idea was to see how high the DSCR would have to be with certain banks for them to lend me 90-95% of the loan (yes I've seen this). That is sadly the extent of my creativity so I thought I'd post it here and let you guys go at it.

Feel free to ask questions - thanks!

Got it so my assumption was somewhat correct ! Thank you for the reply.

Hi everyone,

I've reviewed some larger apartments recently (100+ Units) and have noticed they are receiving income from Internet and cable. How is this ? My best guess is maybe the Cable/Internet company cuts the landlord a deal where he pays a flat rate of x for the cable/Internet. He then marks it up x amount and the spread is his income. Pretty sweet income source so just wanted to confirm. Thanks guys.

Johnny - thanks for the referral. He was efficient, professional and gave me a great quote. Thanks again.

thanks Joel