All Forum Posts by: Yosef Lee

Thank you Xavier. I appreciate that! Yosef  

Hi Joseph McKenna, Please find answers to your questions. I'll make this a part of the original post. Thank you! Yosef

Hi Michale thank you for the comment! I joined MIH mastermind by @Marco and @Hadar, and also joined Jake & Gino. I'm currently hosting a virtual meetup group in NY and KC. If you want further info, please DM me or connect me on FB or LinkedIN @yosefyourbrosef   

Thanks!  

Hi Cory, thank you!! I appreciate that! Yosef

Hey Brianne thank you for the encouragement! I would love to connect for a zoom call and share any information I have. Please find me on FB or LinkedIN @yosefyourbrosef 

I have a good friend who lives in Dayton. She moved from Cincinnati 

Thank you Benjamin for the encouragement. One of my partners friend found the owner and brought the deal to us. There was no broker involved. Yosef 

Hey Ken, it was added to the original post. I see that BP doesn't allow the original post to be edited after certain time period. Anyway, I'm copying and pasting it here for you. =) 

Per @Ken Naim's request, I'm adding some details about the deal. It was a seller direct off market. C class property with some deferred maintenance in C area. Seller initial asking price was $2M and we negotiated it down to $1.825M. We did 80% LTC from a local community bank. Loan terms are 4% / 25 AM / 18 Mo IO / Upfront Tax & Ins. We got Interior/Exterior Rehab Reserve of about $250K. Over 90% Economic Occupancy. During the Inspection, it revealed some issues with Plumbing, mold, Mildew, Termite. The seller took care of these before closing. Also, Roof and HVAC system were very old, so one of my partners negotiated with the seller and got $100K credit from Purchase price. Walk in 1 yr CAP rate is over 8 %. Avg. Rent is approx. $150 - $200 / Month lower than surrounding apartments. Recently a lease was renewed without doing any work and we were able to raise $60/month. For another vacant unit, we did some light renovation with new paint and new carpet. For that unit we were able to raise $200 / month. So we tested the market, and it proved. Our plan is to raise the rent to the market rent for the next 2 years, and then cash out refi, and keep the property for the generational wealth!

Thank you Scott, I appreciate your encouragement! Yosef 

Thank you Wale, what you said means alot to me. It was not easy at all indeed but it can be seen as if I was lucky. =) 

Thank you Jon! Yes I was one of them. Because it is not easy to crush that limiting belief. Though eduction and engaging with right people, I was able to crush that. Yosef