All Forum Posts by: Travelle Mason

Any recommendations for a CPA in Alameda, CA or surrounding area?

Its likely because this is new to me, but that information was not all that digestible. Might have been made more relevant if examples of this particular deal were used in the breakdown. 

A wise man once said "Complexity is your enemy. Any fool can make something complicated. It is hard to make something simple."

@Marcus Joseph, I'm with @Cedric Modoufeh, I NEED SOME CLOSURE HERE! What happened? 

I go through a lot of these forum posts, there's hardly ever any conclusion included. Y'all are killing me.

@Mario Tavares, If you are willing to share I'm interested in a step by step on how you executed it. 

Picture this...

A 5 unit apartment building in a sought after Bay area market. The rents are well below market rate because the owners just want good, reliable tenants. Only 2 of the 5 units are occupied with paying tenants. The remaining 3 units are occupied by the owners, the owners adult child reserves another unit and the 3rd is basically storage.

I'm thinking long game here, but how/where do you start the approach? This is indeed a business of relationships, and I need advice on how to woo.

Any one have any success with executing a Master Lease Agreement?

I could definitely use a playbook!

@David Avetisyan don't leave me hanging. Your thoughts?

The world according to me...

Monthly Income: $2,350.00

Monthly Expenses: $1,907.90

Monthly Cash Flow: $442.10

Pro Forma Cap Rate: 7.02% 

NOI $16,498.00

Total Cash Needed $69,606.14

Cash on Cash ROI 7.62%

Purchase Cap Rate    7.02%

Vacancy $164.50 (7%) 

Repairs $117.50 (5%) 

CapEx $117.50 (5%)

Water & Sewer $37.00 (2%)

Insurance $70.00 (3%)

Management $164.50 (7%) 

P&I $932.73 (40%)

Property Taxes $304.17 (13%)

Total $1,907.90 (81%)

Picture this...

My first acquisition. A 3 unit tenant occupied property. Back and forth negotiations. 3 CONTRACT EXTENSIONS! Nothings is ever perfect, I know, but we closed on the property. 

Let the money start rolling in..right?!?! Ha. Ha. Ha. 

4 days later...BOOM SHAKALACKA!!! Good Ol' Faithful. 

Not all fun and games. Just be ready. 

@Max Gradowitz and @Claire Trammell,

Forgive me for that late reply, some how I didn't get notified of a response. Thank you both for responding. 

I am looking to relocate to a position in Woodlawn area.

I am interested in acquiring a property with pretty specific criteria:

Multifamily (duplex to quad) with at least 1 unit a 3 bedroom/1+ bathroom. Owner occupying that unit.

I would like it pretty close for commuting purposes.

WHO KNOWS A GOOD REALESTATE AGENT!?!?