Rental Property Investor · Linwood, NJ · Member since 2017 · 12 posts · 1 vote
Hi
I plan to buy larger (10+ units) investment properties in these areas:
-Detroit/ Memphis/ Houston/ Chicago/ GA/ VA
What do you think about these cities or states?
I like Detroit but i heard people are leaving. So, I am not sure.
Are the seller disclosures about properties cap rate accurate enough?
For larger investment properties, I plan to hire property management company/agent, any suggestions?
I also notice there are people who brought junkie apartment complex and flip them after renters moved in and try to sell them at big profit. But if the property provides great cash flow why sell? I am little concerned about buying these.
I have been buying small rentals for a while but I want to get into larger complex.
@Noel Y. Here in Houston, the rental market is strong. The one area that's having trouble is the high-end luxury market. The developers concentrated on that area over the last few years and created a glut. There's still a big demand for mid-range apartments.
The seller's disclosure is not sufficient. On our commercial contracts, we have what is called a feasibility period which gives us the time to analyze the actual financial statements of the property. You'll want to get copies of all the leases, financial statements, and copies of bills that have been paid.
PM me if you would like to connect to learn more about opportunities in Houston.