So I read the beginners guide, the multifamily article and case study. I am kind of feeling saturated with alot of information so forgive me if I tend to ramble at the moment. I have been looking at multifamily properties just in the NYC Area and have seen many places especially on realtor.com that list properties. However there really isn't a total monthly income price listed per unit. Is there a good site I could reference in order to find out approx. rent for that area or would I have to contact a local property holder to find out?
Also, I know in a podcast with Darren he suggested getting a property that is close to a transit hub. Is this one of the most important thing to look for or is it the neighborhood overall (crime rate, schools, venues).
thanks for taking the time to read this,
@Juan Gago if you can find a property with a transit hub, good schools and lower taxes you should find yourself with a good investment. Those are the top three things I look for because I've found they will lead to a greater chance of success in the investment.
To find comps that you can rely upon your best bet is to find a realtor who you can rely upon who can send you the comps directly. Don't rely upon rentometer or Zillow's rental estimates as they can be totally off on their numbers.
My suggestion would be to check with local property management companies.
Best of Luck!
Under the"Resources" menu tab near the top of the page, select "REI Resources"; under that you should find a link to learn of fair market rents.
@Juan Gago property mgmt companies are great sources of getting rent comps and telling you candid feedback on properties you're looking at. They tend to be the "glass is half empty" type of people which is helpful to balance against the optimism agents that you typically find.
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