25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jaime R

import · April 23, 1999, 12:30pm

Posted by Redline on April 26, 1999 at 11:27:33:

I’m in Bergen County - very near Giants Stadium.

Good luck!
RL

import · April 23, 1999, 12:30pm

25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jaime R

Posted by Jaime R on April 23, 1999 at 12:30:57:

Well, waiting and being open minded paid off! The owners accepted our offer to purchase this bldg. Don’t have all the numbers handy, but it should turn out to have a nice return. And I don’t think we will need partners for this one!

Now, just waiting for a copy of the complete signed agreement. They sent back signature page by fax.

And will have to get the elevator and roof inspected before we actuall spend $$ putting the rest of the deal together. We know there are some problems with both and agreed to a price based upon us making deductions based upon inspections of these two systems.

Wish me luck!

import · April 23, 1999, 2:56pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jimbob

Posted by Jimbob on April 23, 1999 at 14:56:36:

Jaime,

If you’ve never been a property manager before, you’re gonna need some luck with 25 units.

Good job on the negotiating, stick with it and hang in there, a 25 unit building is a great jump start on the road to financial freedom!

Jimbob

import · April 23, 1999, 12:49pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Robert McNeely

Posted by Robert McNeely on April 23, 1999 at 12:49:21:

Congrats! A 25 unit, thats a good level Above average!

import · April 23, 1999, 12:48pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Redline

Posted by Redline on April 23, 1999 at 12:48:35:

Jaime - I think I remember you saying you were from NJ. Just curious … what part of NJ is the building?

Congrats,
RL

import · April 23, 1999, 3:32pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jaime R

Posted by Jaime R on April 23, 1999 at 15:32:11:

Jimbob: Thanks for the good wishes. Luckily, I am a partner in a property mgt firm that has been in business for over 5 years. We have experience managing properties like this one. We usually manage larger properties, but this is a good start for our first apt bldg.

Now I’m just hoping that the rest of the negotiations and the financing proceeds without problems. Good thing I’m going to Atlanta; it will help if I get stuck on financing!

I also have 2 - two family properties that I have had for many years.

import · April 23, 1999, 1:19pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jaime R

Posted by Jaime R on April 23, 1999 at 13:19:23:

Thanks Robert! We’re very happy about it. Now comes the fun part (sarcastic grin), due diligence, etc.

import · April 23, 1999, 1:17pm

Re: 25 Unit Apt Bldg Revisited - Offer Accepted! - Posted by Jaime R

Posted by Jaime R on April 23, 1999 at 13:17:43:

Thanks RL! I hope we can agree on credits due to outstanding maintenance items. As soon as we get the full offer back signed I’m having an inspection and estimate of repairs to the roof and elevator. Then we’ll have to agree on what kind of credits we’re talking about.

The building is in Essex County, specifically East Orange. Where are you?