All Forum Posts by: William Ellis

@John Terry Nicasio I am interested in your program and I believe I meet all of the requirements. Can you PM me more details of how the process works, deal requirements, etc? I can submit pretty detailed info if I know what you need.

Thanks!

@Steve Vaughan utilities are paid by owner and then billed to clients at the moment but they are all metered individually... All expenses should be between 30 and 40% including vacancy, etc...these are higher than seeker is claiming... I understand the pie in the sky routine most sellers give when they give their numbers.

Rates are good now so it will cash flow better than it may when rates would go up... My loan would be fully ammortized... No balloon or floating rates...

I mean 1000 per month on the SFR

@Steve Vaughan

The gross income would be $550 on the 2bd and $450 on the 1 bd...

The SFR would be at $10000

The bank is willing... 

Thoughts on the below?

5 Units

1 duplex - Two  2/1's

1 duplex - Two 1/1's

1 SFR - manufactured gutted with additions so that it looks like house on inside and out.

1+ acres

9% cap rate

The numbers work and can work. Would you be scared of the SFR being manufactured as long as the numbers work? The purchase price is $250K.

Thoughts?

David,

Welcome to the community. I am in Knoxville as well and would be interested in talking to you. PM me if you would like to touch base.

I also am in the Knoxville area now and have recently received my realtor license to work with investment properties.  Hit me up if you would like to chat. 

Bruce,

Welcome to the forums.  Knoxville is an awesome place and has a lot of active investors for a smaller metropolitan area.  "House hacking" is  a great way for someone to get into this market because the margins are not as good as they were a few years ago. With that said there are still opportunities around.

I will PM you.

I am in the same boat. There are a lot of investors here and most of the list prices for multi family are way overpriced. Some of them would need to be cut by 40% for me to buy them. The problem is the rent is so low so it kills the NOI . Watch the cap rate as I have seen multiple properties where they are asking 6% cap on a C property that should be at a 9 or 10% cap rate. I am holding out for the right deal.

I have seen owners hide expenses to make the the cap look higher. You can find the issue in the Expenses. If the expenses are lower than 40% then they got lucky one year, their stuff is run down, or they are not including some hidden expense that can kill the deal.

Thanks for all of the great info.

I think the fear of screwing up is the main obstacle. My motto is if others can do these large deals then why mot me?

The thought of 50 doors on one deal sems alot more enticing to me than 50 separate closings at least if cashflow is the short term goal.

I would be interested in seeing more in depth the lease option paper trail. This info would be great . A timeline of events and which paperwork when.