All Forum Posts by: Yannik Cudjoe-Virgil

@Eli Miles I would start by identifying 3-4 markets with solid multifamily fundamentals within a two hour driving/flying radius from your area. Start building a team within those markets (property managers etc).  While doing so, I would underwrite deals in those markets and call the brokers to let them know your background and that you are learning/ looking for deals in that market and build relationships so when a deal does come forward then you can make offers. I would also try to find an experienced team that are investing in other markets.

I have used prospect now in the past. Very good source to find information for multifamily owners. Also CoStar, which is a paid (expensive) subscription 

@Jignesh Patel I think the previous post hit it on the nail. I would identify areas that would help you meet those goals and figure out a way to find deals via the MLS, Wholesalers or some type of marketing.

Hey @Suzanne Adjani . Like the above post said, it would be great for you to attend meetups on meetup.com and find investors to network with. 

Yeah I have hard money lenders that lend in Baltimore. There are going to lend you at probably 80% LTC (loan to cost) rather than 90% in PG or DC. I have worked with Washington Capital Partners.  

Was late on this. Didn't see the previous post

@Gopinath Chandra To my knowledge you pay the lien amount and any high bid premium. The 100$ registration fee is non-refundable so you do not get that back.

If the property owner pays the taxes you get 12% if it is owner occupied or 18% if it is not owner occupied. Also you get any reasonable fees pertaining to foreclosing on the lien (attorney fees etc)

If the property owner does not redeem then you would just go through with the foreclosure process and close on the property.

Like he said above - you should be able to call the city and look them up. Ask for building, electrical, plumbing and HVAC (if there is one) permits

@Sara T. It depends on your own personal goals. Are you focussed on passive income or capital growth? If both... maybe use some for a downpayment on a rental, the other portion for a flip. Take flip profits into another rental. Re-invest your basis in another flip. Rinse and repeat. Start from your big picture and work backwards. Then you should find your route. Hope this helps!

@William Hoppes Decent start but its not that black and white. Expenses vary from market to market. They also depend on what the current state of the property is. They get really particular when you scale up into larger multifamily 75+ units. 

Not sure the state of the property you are looking at but talk to your lender about rates. Call the tax assessors office for the tax rates in your area. Repairs are vague. Depends on the condition of the property, capEx as well. Vacancy depends on the market. If your are out of state, find a good property manager that you can trust to report the condition of the property (unless you really want to spend on an inspection twice a year).

Based off your numbers: This property is not cashflowing. You expenses may or may not be sharp. Work on sharpening your pencil if you can. Always buy for cashflow. Hope this helps.