It's been a while, so let's jump into some offers I've submitted.
A broker has sent several projects in the Salt Lake/Provo area, and I made an offer on one in Ogden, UT a few weeks ago. It's a medium size property with about 150 units. It has a unit mix that wasn't very appealing: mostly 1beds. The other trouble with it is that its got a flat roof, each of which will affect the cash flow (too low) and financing from a bank. They we're asking $5 million, which I calculated to be about $1.5 million too much. (This is based on NOI x 10 = Value) They've countered (sort of) for 'somewhere above 4 million..." Next.
The other offer is on a small condo here in the desert. Its a 2/1 worth 85k (once fixed up - which will cost 8-10k) and we've offered 40k for it. We'll know in a few days... It would be kinda fun to do a very very small rehab. I've taken on a partner to do a few deals like this to see how well we work together. That'll be in another post.
If anyone wants to learn about investing with us, please contact me. We'll always have good cash flow, with strong back-ends. Very conservative numbers...
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