Lets start saying that I have been learning for you guys in here, and I thank you for that alot.
OK
Here is the deal:
12 apartments units rents colletec weekly $160.00 * 12 = $1920.00Weekly * 52 weeks a year = $99,840.00 Gross income
Electric pay by tenants water by owner $500 monthly
Taxes $5,247.00
NOI $88,592.00 * Cap rate of 12.76 = $1,130,433.90 ( Fair Market value “right”)
So how much should I wolesale it for.??? the 75% of that is $847,825.42 is this rigth???
Please tel me I am king of lost.
Thank you in advance guys and girls here always very helpfull.
[b][/b]
Although they are alot of things here I dont understand between your typos and some missing info, this sounds like a lousy comm buy. Comm buyers look to get a min 1% of purchase price in rents a month. And according to my calculations, 1% would be $11,300, and this building only collects $7680 (640 x 12). That being said, you might be able to wholesale it still, but an educated buyer would pass, but theres alot of uneducated buyers. I’d go no more then 70%, 65% if I could. Good luck! 8)
Well I am selling it for 690K total so is less than 70% and the rents can be raise by $900 monthly more. So I think is still a good deal… is it ?
[b][/b]
If you can get a buyer or already have 1, then its a great deal. Make sure your contract allows you an “out” if you find no buyers say within 2weeks. 8)
ON a weekly basics rent is 13 month out of the year not 12. So would be
1601252=99,840 gross yearly income with room to raise it for 900 more a month.