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What’s up guys! I’m looking at a 5-facility portfolio out of Alabama right now from a wholesaler's perspective. The goal? Clear a $100,000 assignment fee while making sure the deal actually makes sense for an end-buyer. Here is exactly how we break down the math when a seller's numbers look "too good to be true." 1. The Portfolio Snapshot - Total Units: 453 - Total Sq Ft: 65,650 - Total Monthly Income: $27,100 - Annual Gross Income: $325,200 - Current Occupancy: 82% (Upside alert! 🚨 ~81 vacant units) - 2. The Expense Trap: Seller vs. Reality The seller says they only spend $5,000/month on expenses across 5 locations. That’s an 18% expense ratio. Don't fall for this. Once a buyer takes over, taxes reset, insurance goes up, and management needs to be paid. Standard practice is to underwrite at a 35% expense ratio. Here is the comparison: SELLER’S NUMBERS: - Annual Income: $325,200 - Annual Expenses: $60,000 - Net Operating Income (NOI): $265,200 INDUSTRY BENCHMARK (35%): - Annual Income: $325,200 - Annual Expenses: $113,820 - Net Operating Income (NOI): $211,380 3. The Valuation (9% vs 10% Cap Rate) In this market, sophisticated buyers are looking for 9-10% returns on actual performance. - Value at 9% Cap Rate: $2,348,666 - Value at 10% Cap Rate: $2,113,800 The Reality Check: The seller is currently asking $3,550,000. Based on the real numbers, that’s a 5.9% Cap Rate. That is way too skinny for Class C storage in Alabama. 4. Reverse Engineering the Wholesale Fee If I want to make $100,000 on this deal and sell it to a buyer who wants a 10% return: - Buyer’s Purchase Price: $2,113,800 - My Fee: $100,000 - Maximum Allowable Offer (MAO): 🛑 $2,013,800 💡 The Strategy The "Gap" between the asking price ($3.55M) and our target buy price ($2.01M) is over $1.5 Million. To close this deal, we have to educate the seller on how commercial property is actually valued. We aren't just buying buildings; we are buying a cash-flow stream.

Back in Dec I put an offer on a Zillow FSBO which got accepted but seller didn’t sign because he lives in another state & has the property boarded up. Property is in Michigan. I reached out to him again and this is his response. Is it possible to proceed without an inspection? Any advice is highly appreciated!

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