OfflineWe're looking at an apartment building. It is an older single story unit with off-street parking. The owner is out-of-the-area. There are six empty units currently. The property needs some work on it but there are at least three units that would be rentable with some clean up and minor repair.
We are going to approach the seller to provide owner financing for the full purchase price with very favorable terms. We would agree to do repairs. It should cash flow with just the four units rented. We can use the cash flow to renovate the other units and expect to have a good positive cash flow within couple of months of acquiring possession.
The seller is very motivated. We believe this is his first multi-unit property and doesn’t have the management skills necessary to make it work. One man’s problem is another man’s opportunity.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Sounds like a very good scenario. I "graduated" from the Success Academy, but have not yet ventured into multi-units/commercial. I'm planning on heading that direction. You just may hear from me. I'm doing a 3 day mentorship with Matt Larson next week. How exciting is that?!
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Great to hear from you. I know you will enjoy the visit with Matt Larson. He is very knowlegable and has lots of great information and experience to share. I attended a local on-site that Matt was coordinating and felt I gained a lot of practicable tips and guidelines from him.
The commercial market does look more at cash flow and bases the value of a property on that. Rarely do you have enough "comparable sales" within the recent past to use that method of valuation. Most commercial properties are specific to their location, design and access so individual properties are unique.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
boconnor
Where is it, and when can I buy it.
Jim Kendrick
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Hello BoConnor,
I am interested in apartments as well. I first need to rebuild myself and skills in the investment real estate business (currently, I'm only concentrating on the single family units. I'll hopefully partner up with someone soon.
Much luck with your deal and Godspeed...
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.