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Caveman REI Community

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Wealth Through Real Estate

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26 contributions to Caveman REI Community
Breaking News: Federal Court Ruled Corporate Transparency Act Unconstitutional – Beneficial Ownership Information Reporting on Hold
Interesting! Something to follow and see how it pans out. Got this posted from a colleague who runs business development for Withum. https://www.withum.com/resources/breaking-news-federal-court-ruled-corporate-transparency-act-unconstitutional-beneficial-ownership-information-reporting-on-hold/
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New comment Mar 14
Estimating costs on seller financing deal
How does this work? Closing costs for an owner financing deal should be considered how much? What about the agents fee? The on market property I’m underwriting says 2.5% of gross as Buyer Agency Comp. Shouldn’t the seller be picking up the agent’s fee?
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New comment Mar 12
1 like • Mar 12
That’s great. My CocR looks much better now.
Multistep "No" in attempt to begin negotiations on 15 unit
Following Chris Voss' recommendation in Ch 8 of "Never Split the Difference" and using the multistep no to get the seller to bid against himself. On the second "No". Let's see how this goes. The game is exciting even if I don't acquire the property.🤣 Gotta get in those reps. Happy deal hunting everyone 😎
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New comment Mar 10
2 likes • Mar 2
So turns out my broker took it from my last email and contacted the listing agent directly. Told her that I’d like to make an offer but it wouldn’t have a 2 in front of it. (Asking is 2.6 mill). Agent said the seller wouldn't entertain it. Will wait till the listing remains on the market for another few months and see if they still feel the same. 😊
0 likes • Mar 10
Just 9 days later, listing agent emails to inform me they dropped the listing price by 50k! But their o/s “assumable” mortgage has grown now by 325,750 to over 1.9. 🤣. Had I made my offer of 1.6 10 days ago they could’ve walked away and broke even. What would you do? Should I now put in my offer for the 1.6? The only number that works?
5 unit with owner financing and 3 garages
One of my brokers passed this over to me while she was looking at another property for me in the area. Turns out it was on the MLS and she thought I might like it given it’s a 5-unit. It’s in Harrisburg, PA and was acquired by the previous owner from a sheriff’s sale for 67k in 2013. Asking 625k with 125k down, 6% over 30 years with a 5 or 10 balloon. Gross rent=77,700 reported expenses = 21,280 (pending schedule E) Assumed NOI (50% exp ratio) = 38,850 CAP= 6.2% 5-2BR/1Ba rented at 6125/mos with 3 garages for 350/mos coin operated laundry in building to offset general area electric. Tenants pay utilities, landlord pays for sewer and water. Estimated expense ratio is 47%. These numbers work but not at 6% interest rate. Agent said seller is open to negotiating. Thoughts?
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New comment Mar 9
1 like • Mar 9
Thanks @Jonathan Schrodt seller listed it at 625k and wants to hold the note. 6% over 30 years with 20% down and a 5 - 10 year balloon. I’ve run these scenarios and will be having chat with seller on Monday to see exactly what’s motivating him so I can structure the offer accordingly. His agent said he just wants cash flow defer the cap gains tax. He bought it 10 years ago under 100k.
A little motivation
Had a great day today! Spoke with two LPs, my broker, an EY tax Partner and did some basic underwriting on a few new leads. Came across this and just had to share! I absolutely love 1,2, 5-7! Have a great rest of your week. Keep it going.
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1-10 of 26
Jeff Orenzow
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57points to level up
@jeff-orenzow-3418
Jeff Orenzow married for almost 20 years and have three young children ages 12, 10 and 5. Will be acquiring 400+ rental doors in next 2-3 yrs

Active 2d ago
Joined Feb 14, 2024
Farmingdale, NY
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