12 unit financing - Posted by Barry

Posted by Ed Garcia on October 13, 2000 at 01:38:30:


What ever you do, don’t give me to much information. (smile). Berry, I could start rattling off a bunch of fancy suggestions that would make me really look like I know what I’m talking about, but it wouldn’t be much help to you.

Berry, I’m sorry to say that you’re not giving me enough information to be useful. The only thing I can do, is what I’ve done on this board 2 other times already, and that’s give you a list or battery of questions I ask, when working a deal on multiple units.

I hope when you finish asking these questions, that it will allow you to see your deal a little clearer.

(1) Describe The Units and the surrounding area?
(2) How old are the units?
(3) What’s the unit mix ( how many 1 br. 2 br etc)
(4) What’s the vacancy factor in the area?
(5) What is the gross income of the units?
(6) What is the vacancy of the units?
(7) What is the NOI?
(8) What are market rents in the area?
(9) Are there any other Units in the area for sale?
(10) If so at what Price?
(11) What are the going Cap rates in the area on multiple units?
(12) Have any other Units in the area recently sold?
(13) If so at what price?
(14) How much does the seller owe on the units?
(15) If there is a loan, is it assumable?
(16) Will the seller carry a second?
(17) Is there any differed maintenance?
(18) If so, estimated cost of maintenance?
(19) How’s your credit?

Ed Garcia

12 unit financing - Posted by Barry

Posted by Barry on October 12, 2000 at 16:57:33:

I would like to buy a 12 unit apt. building that brings
in $55,000 at a price of $380,000. Any suggestions with
getting this financed.