Multi-family dwelling 15-30 units

General Real Estate Investing
1

What I am looking for in San Antonio

  1.   Multi-family dwelling 15-30 units

  2.   Class “C” 

  3.   Built after 1980

  4.   No pool unless it is to be filled in

  5.   Tenant pays at least 2 out of three utilities

  6.   Units preferable under one roof no more than 2

  7.   Some owner financing

  8.   $750,000 is upper limit

  9.   No combat zone

  10. P&L for 2008

  11. Indicate actual rents and vacancy factor. What would income be if all units were rented.

  12. Other income sources eg. Laundry, vending, cable or satellite revenue

  13. No all frame buildings. Wood & brick or stucco ok

2

:huh O.K. and how can we help?

3

My question would help…I swear this blond hair of mine forgets it comes from a bottle of dye…

What else should I look for and how can I find what I am looking for…what about things I need to consider…I have a mentor funding the deal who lives in a different state but I really do want to do my part in the deal and show him that I did a good job and appreciate his support. I have to take my lickings now because the team I am attempting to put together will acquirer larger multi-family dwellings in the future. I am so glad that I know I need to have smarter people on my team than myself. I’m smart but getting rich is a team sport…that I know. Over the next few months my mentor is going to lay the LAW as he should. Me woman he man and I will pay attention cause he knows what he’s doing. haha so God help me cause I am about to get schooled…

Thanks in advance

4

15 units at 750k is 50k a unit. You can do better than class C in San Antonio. You also want to know if your mentor wants a fixer upper property, if he will deal with section 8 funding. What level of occupancy does he want? lower occupancy you can get at a lower price, but will take more effort and money to get it filled (with obvious bigger reward.)

5

Thanks for the reply

6

Did you try getting a local realtor in San Antonio? You may also want to contact a management company in that area. When you find a reputable one that would will want to use to manage your property, they may have some leads for you.

I am also looking for a similar type of property, and that is a target market of mine. I agree, pools are no good, vending is neither here no there, except you have to pay for the vending and laundry utilities and 1 bedrooms tend to be transient in lower class properties. Pitched roof is also something to look for and fenced and locked AC units, if they are central, especially in C class properties. Due Diligence is key, you definitly want more than just 2008 P and L.

Why is San Antonio the only market you are shopping in?

7

Oh sorry, I thought you were new to the biz. Didnt know you were bird dogging.

8

no worries. I do a little of everything…we are trying to close a mulit dollar deal but everyone is arguing and freaking out lol at least they were 2 days ago maybe now the deal can get done…sheesh boys are hot under the collar sometimes my my… egos and demands and “I am KING” attitudes I try to keep a straight face most times that is, of course after I put their butt in check when they try to take advantage of me “The woman in the mix” lol You should hear them Oh Joanne it’s cause you’re freaking out and I say actually I am very calm" lmao then they really go off cause they know it’s true it’s actually them that have been flipping out… The the real fun begins when one of them tries to mess me over with money and the other defends me…it’s kinda crazy but whatsa a girl to do. itt’s kinda hot seeing all these men go at it in business truth be told

9

Re 15- 30 Units in San Antonio… Have you found your property yet?