All Forum Posts by: Tyrone Dennis
Tyrone Dennis has started 2 posts and replied 23 times.
Post: Managing a syndicated investment
- Posts 23
- Votes 18
Quote from @Brock Mogensen:
Syndication Pro is a solid solution, we used them for a while. Recently switched over to Appfolio Investment Manager. Although I like to support the smaller shops, Appfolio has much more capital and resources. And ultimately, they provide the most sophisticated solution.
Post: Managing a syndicated investment
- Posts 23
- Votes 18
I am glad to have come across this topic.
Seeking similar information.
It appears Syndication Pro, Ground Breaker and Juniper keep coming up in this thread.
Post: Rookie investor looking to network
- Posts 23
- Votes 18
Darion, Adam and Colin, I'm a twin cities guy as well.
DM me on the networking topic regarding MF.
Post: Minneapolis and Saint Paul pass rent control!
- Posts 23
- Votes 18
I'm in the Twin Cities. Bruce Runn I like your outlook and insight on this matter.
Thanks for sharing.
Post: Tax question for using a line of credit for down payment
- Posts 23
- Votes 18
Thinking Outloud here...
Use a LLC with flow-thru taxation (not S-Corp taxation).
Give your company a loan which is the HELOC.
Pay HELOC back (loan is an expense for the company).
Interest on HELOC is deductible.
Post: CAP Rates for new markets
- Posts 23
- Votes 18
To figure out Cap rates you'd need access to sale data. Maybe a local broker with access to Costar, Reonomy or some database would help, or if they personally track the info...they might be willing to help you out.
Post: Evaluating a 9 unit apartment building
- Posts 23
- Votes 18
Just because it is a class C property does not mean it is crime ridden, it just means its an old property. The demographic (tenant base) dictates how hard to collect rent is.
Post: Evaluating a 9 unit apartment building
- Posts 23
- Votes 18
Look at it this way:
$450 x 9 units = 4050 x 12 months = $48,600 Gross Revenue (assuming you don't make money from storage, laundry, garages...)
$48,600 - (45% expenses) = $48,600 = $26,730 NOI
Debt is probably 4.5%, 25 yr amortization (estimate)
Cost of $535k at 25% down ($133,750 down)
401,250 loan = $2,230.27 monthly interest and principal..
NOI = 26,730...Cap Rate of 5% ish
YEARLY DEBT SERVICE = 26,763...
Means no cash flow
Even at a 4% interest rate this deal doesn't work.
Post: How to find a 20 Unit MF Complex
- Posts 23
- Votes 18
Depends on how active you want to be in seeking out an investment. You could look on Loopnet and Crexi. Off market deals tend to be better deals, but working with a real estate broker as a buyer does not cost you anything other than maybe a signature on an exclusive representation agreement. That could be your quickest way to get into one of the markets you desire.