All Forum Posts by: Troy Gravett

Originally posted by @Account Closed:

@Michael C Gregory, I'm not sure if a seller financed deal would work for her since I plan on selling the spec home in less than six months after I purchase.  This will pay off her note and then she will have to pay the capital gains anyways.  

Substitution of collateral clause. When you sell, move the note to a different property you own given there is enough equity available. 

i also forgot to mention demographics. you can put a premium on population, cars per day, and median income within a 1 mile radius.

search sold comps and see what other single tenant pharmacies are selling for in that city. look for cap rate and price/sf for the most similar buildings in size, condition, age and location.

50% rule means your expenses should run about 50% of your income (and it will when you implement the proper operations). $495 x 6 x 12 = $35,640 gross income. subtract 5% vacancy and your effective income is $33,858. Take 50% of that and your NOI is $16,929. At a 10 cap the building is worth $169k.

Hey Rick, local investor and agent here. Definitely recommend the multi unit strategy, although you may have to move away from the coast a little bit to get the most bang for your buck. Look into FHA and NACA programs for low downpayent and financing assistance. I can help you with all of the above. Feel free to reach out. Cheers.

Moe, go online and find all the houses that have been flipped in your area(you can tell by the pictures and agent description). Then, go look up the ownership history and see who the person or company was that did the flip (its all public record). Use that info to seek them out and ask for a mentorship or apprenticeship if you provide something of value in return. good luck.

in hindsight, you should have bought the property sub2 from the owner as soon as he started missing payments. take over his payments for him and he deeds you property and walks away with no foreclosure on his record. its probably too late now as the bank will want to recoup all the money and most likely list it with an agent. good luck i hope it works out.

is the building master metered or individually metered? Are the utilities getting passed on to the tenants? What's the tenant turnover rate, in other words how often are people moving in and out and how long is the average tenant staying? The more often tenants are moving out the more you have to spend turning over the units. Are there any other revenue streams you can take advantage of that haven't been implemented yet? also, have you budgeted for legal and accounting. Always good to have money set aside as reserves for unforseen issues as well.

Originally posted by @David Bateman:

I need a Realtor in Seattle/Bellevue, WA!  I have slamming listing leads and would like to refer them to another agent/broker.  Please PM me back with your interest and if you can convert quality listing referrals.  Thanks!

 sending you pm!

jeff, find the owners asap! i'd be happy to help, pm me. most of the time i can track down the owners but its up to you contact them.