Hair salon or a nails parlor is the vibe I’m getting instantly

Hold on! You’ve got a deal here! Depending on the cash flow, fair credit! DSCR loans!

@Conrad Greeley I haven’t fully run the numbers on this one so I don’t have a particular strategy in mind. I was responding to the notion that banks will only deal with immaculate credit. Truly, I don’t remember precisely what I had in mind when I made this comment but it was brilliant I’m sure!😂😂😂 It might have been a “queen to queens level three” type of thought process that, in the moment, made a lot of sense and which I am ill prepared to take on in this moment. In my mind though; there was a deal to be made 🧐

There is a trove of hidden treasures in this conundrum! Let’s dig a bit, shall we? First off determine your cap rate…. I’m going with 5% and that means with a given value of $549,000 there would need to be $27,450 NOI. And a replacement value of $45,750/unit. If you assume your operating costs are 50% then your gross rents should be $54,900/12 =$4,575.00 per month which gives you $4575/12=$381.25 average rent! Those numbers don’t make any sense, I know. But that is your form working backwards from the asking price. It’s all made up. So, start plugging in numbers that you know. And the form will start taking shape and your values will become evident and evidence you need to make yer form make cents… babysit the cents and the dollars take care of themselves! Gross rents would be helpful. Don’t worry about your loss to lease or the repair numbers yet.

Numbers don’t matter if you haven’t contacted the broker. These numbers indicate there is a problem that needs to get figured out

I’m strong in the southeast even up to New Jersey and Philadelphia

When is this to commence?

@Catherine Noske good point my dear Watson. That’s not my style though. Certainly valuable pointers though.

@Catherine Noske I don’t allow myself to flex more than once a month on socials and I’ve already done that once this month😁😁😁 Suffice to say I have a lot of training on selling (over the phone especially). My style of selling is asking questions! Selling is not telling… that’s how they get bored! I always take into consideration their time and state that I won’t take up much of theirs! Certainly not waste it. They don’t care who I am or what I have done… they don’t care what I have or what I’m offering… they are even blind to what I can do for them… nobody cares about these things! People want to know 3 things and three things only! 1 Do I know this person? 2 How did they get my number? 3 How fast can I get them off the phone? My intro over the phone goes like this… Hi, is this Mr/Mrs (Smith)… oh good, my name is Jamie, I got your number from (source). I understand you look for opportunities in real estate. Do you still? {if yes continue… if no thank them for their time and apologize for any inconvenience posed. Ask when they will consider getting back into the game} Excellent, I may have something you want to hear about… it will take about 5-10 minutes; is this a good time to talk or would you prefer to set appointment to discuss in detail? This script will end a lot of calls quickly and you get to ask permission for their time… once permitted you are now in a warmer situation. I ask several more questions once permitted to NEVER PITCH OVER THE PHONE! It’s a game of gathering information so that we can talk to their needs, wants and desires not about how great of an opportunity we have for them. Like, “What market(s) do you like to invest in?” “What does a great deal look like to you?” “What kind of passive performance are you seeing out of your dollar right now? If your money is being lazy I may have a job for it!” Anyways you get the point! By the time we are done they will have talked at least 75% of the time. When they talk they think we’re genius! When we talk they think we are idiots!