As I was about to ask him to make an offer on my behalf, he said: Before you submit an offer, is there a way you could send me some sort of documentation of proof of funds or approval of financing if you go that route. Financing may not apply if it’s 1031. Theres a good chance the seller’s broker will want some sort of documentation with a deal this large in value. How do I overcome that? 🤔

Driving to have dinner with family, I came across a vacant apartment complex. I stopped by there the next day to take a look. A police officer stopped by to ensure I wasn't vandalizing the place. Told him I might be interested in buying the place - and then he opened up. Gave me a lot of good details. 1. major issue - 90% of the complex is in a classified flood zone. 2. It's been vacant since it flooded about 2.5 years ago - I think it was hurricane Ida 3. they tore out the bottom 4 feet of sheetrock for mold remediation. There is still some mold issues there. All units are blocked off - no doors. 4. there are 44 - two bedroom one bath units about approximately 700 sqft 5. 11 buildings - roof is pitched and in good condition 6. started installing hvac but not completed 7. 11 two story buildings 8. Original purchase price is $2.2 Million - mortgage is current. Taxes are current. 9. Current median Market rents are about $2000+ per month 10. Each unit would need to be totally renovated - the lower units needing more TLC 11. Complex had problem tenants at that time 12. Area is up and coming as rents are increasing over the years and population is increasing My thoughts since I don't know how to run the numbers prior to contacting the owners (LLC owned and run by 2 partners of that LLC): Living space will need to be above the flood line. The water went into the first floors of the units at the lower end of the property. The higher end of the property is up by the road and is not in the flood zone. The units at the upper end of the property did not get water inside the units, but did get into the crawl space beneath those units. The boiler was damaged in the flood. There was one large boiler for the entire complex - or so it would appear. (My thoughts - use the first floor for storage only and raise the buildings by one floor to keep the 44 unit count. Added income from the storage spaces. Size and number would be determined. I don't know how much it would cost to raise each building with a roof. We would make it a higher status complex as to the lower status complex it used to be. Not high end, but in the middle where we could generate about $2400/mo in rents per unit. We have space to add extra parking and rent those spots to outside parties for additional income. One note - there is a sewer line at the very end of the lower part of the property. During the flood, the cap came off of the manhole. In other words, the water flows past the property via the sewer system. I'm not sure if it's sewer or drainage from the streets and runoff.

Greetings - my name is Kenneth Lee and I have 2 short term rental apartments in New Jersey. My goal is to have enough interest in commercial real estate to live comfortably with a minimum of $10,000 net per month positive cash flow I want to learn as much as I can in this group. I want to learn how to better underwrite property. I want to network with potential investors and sponsors. I want to learn how to find off market and really good deals. I want to network with lenders and partners (asset managers and other underwriters). I want to find my team - attorneys, CPA's, Title companies, etc... I want to understand zoning laws better. I want to learn how to negotiate deals and the different strategies available. I don't know what I don't know - and that's what I want to learn. And I want to gain the confidence to pull the trigger on these good deals. I'm from New Jersey - a non-friendly landlord State. Hence, the reluctance to pull triggers. :)