All Forum Posts by: Al Schnitzer

Please contact me for a copy of the detailed setup

https://www.biggerpockets.com/forums/517/topics/34...

• Both Brick corner buildings - back to back properties.

• 1 on Marmion Ave and 1 on southern Blvd.

• Each building has 2 legal parking spots behind the building (rented out)

• Newly Built approx 2003

• BRICK

• 4 Story

• Every apt. has a porch
• The place literally only needs cosmetic. paint job and cleaning etc.

Combined total current RR = $143,443.80

RR can EASILY be up'd to $190K     ($2150 for 3br , and $1350 1br. That's what they are renting for in bronx these days. Especially these are newly built. 3brs each have 2 bathrooms and a porch)

The other benefit is that usually 4 family harder to get a commercial mortgage but these since its next to each other and done as 1 unit it can be done with a better CAP rate. Chase is ready to issue an LOI for a commercial mortgage

Asking price $1,595,000

Marmion Ave:

Apt #1, 1st floor, 1br, 1-baths - $1123.93, expired 6/30/16

Apt #2, 2nd floor, 3Brs, 2-baths, 1 porch - $1700.00, expires 8/31/16

Apt #3, 3rd floor, 3Brs, 2-baths, 1 porch - $1450, mtm

Apt #4, 4th floor, 3Brs, 2-baths, 1 porch - $1420, expires 10/15/2016

Parking 1, $100
Parking 2, $100

Total RR = 5893.93 X 12 = $70,727.16
____________________________________________

Southern Blvd:

Apt #1, 1st floor, 1br, 1-baths - $1195.75, expired 1/31/17

Apt #2, 2nd floor, 3Brs, 2-baths, 1 porch - $1400.00, mtm

Apt #3, 3rd floor, 3Brs, 2-baths, 1 porch - $1600, mtm

Apt #4, 4th floor, 3Brs, 2-baths, 1 porch - $1663.97, expires 10/15/2016

Parking 1, $100
Parking 2, $100

Total RR = $6059.72 X 12 = $72,716.64
____________________________________________

Combined total current RR = $143,443.80

OPPORTUNITY FOR CONDO DEVELOPERS – Skip the whole hassle of development and GO Straight to Condo Conversion ! These buildings can potentially be turned into condos. Each 3br, 2bath, 1 porch can sell for 380K EASY ! and the 2 that sell with parking spot for 400k. 1br, 1-bath walk-in apt 175K

• Total return if doing condos:
  Total = 1,350+ per building.
  Total = 2.7mil++ for both

 Hi, 

i was thinking of maybe signing up with z-buyers, I would appreciate if you can please let us know how it turned out

Building generates $126,960/yearly rental income, with a net cap rate of 8.3%,   

Nice 16 Unit investment property that includes :

2 - Studio 

5 - 2 BR

9 - 1 BR

a new furnace has been recently installed, also new lighting to bring it up to code etc. 

Size: 8,988 SF

NOI: $81,345 (projection 2015)

Sale Price: $980.000 CASH

Cap Rate: 8.3% 

* Approximately 5 Blocks From Albany Medical Hospital

ty

Hi, Does anyone know of a good title company in Ocala Fl. That's good at handling 

wholesale transactions:

 allow assignments?

do double or simultaneous closings? 

Hi Heshie,

What experience in the real estate investing industry do you poses?

Thanks Patrick for your input, Do you think its best to start from podcast 1 and climb the ladder or its not really in order?

Thanks Belinda, Just finished chapter 2 ...