Posted by Lazaro on March 15, 2001 at 24:16:04:
Thank you Ed.
- it is a out of state seller and has someone
managing it and is not doing a good job. They only
care about their salary.
2)the current NOI? It is $112,000, they are all rented
at different rates.
3)I believe I used 8% on my proforma for the property.
That is a pretty good and safe number. If you are
talking about the proforma numbers It is $198,000 a
year with the laundry. It would be $194,000
4)Yes, we would pledge it as collateral. They are four
single family homes.
5)Well, they are not that close to each other. The
$26,000 a unit is the closest property to the subject
property. We have also had an increase in value for
all rental property. There is a need for rentals in
our area which makes the value increase. There is
more people buying income producing property.
6)Well, I hope there is a way around that. I really
was just informing you on the specifics. If I use
hard money then they might not care about it. That
is why I am aiming at Hard Money Lenders.
7)Well as I answer previously the problem is the
management. The seller really doesn’t know what is
going on with the property. There is a shortage on
rentals and this property should only have a 5%
vacancy at this time. The seller doesn’t know that.
8)We don’t have experience with multiple units.
However we have experience with single family rentals
So we do know the management part of multiple units.
Our homes are 100% occupied.
Thank you Ed. I will call you tomo. I will probably call you early. Thank you once again.