Looking For Multi's

[James Hiddle]

I'm looking for multi units that I can either master lease them or if the owner is willing to do owner financing. I'm looking for properties from 40 units on up and must have at least be 85% occupied and must be either A or B class.

Location doesn't matter with the exception of Detroit.

[Will Barnard]

Originally posted by Mr_Investor:

I don't know if I would come across a deal like that Will which is why I'm always looking.

I'll ask you this Will what strategy should I use if you think I can't find a good stabilized deal?

Well I certainly will not tell you there is only one way or the highway, the way I do it, but I will tell you I believe in ceratain markets, that going after the distressed sales (motivated sellers, either private or REO) with lower occupancies and some deferred maintenance will land you the best price points, and the most upsides. I always look for a minimum of 2 upsides in an apartment building and preferably at least 3.

Upsides can be improvement to occupancy levels, increases in incomes, decreases in expenses, dived and conquer, forced appreciation plays in capital expenditures, etc, etc.

Buying a building that is already performing to just about it's highest levels will result in no upside, a very high ask price, and limited financing options.

Again, these are just my opinions on the subject, and the areas you may be interested in may have some other strategies that are viable. :lol: