First time out of state purchase AND first multi family

[Devin A Hanley]

Hello,

I have just gone under contract for a 16 unit property in Texas. I was wondering if there is someone on here, or if there is a service provided by BP, that I could have double check my numbers. This seems a like it will cash flow almost immediately. 

I currently own to single family rentals and a business condo. I have been researching multi-family for a long time and have finally found one that seems to fit all of my criteria and then some. I don't know anyone personally who is experienced in this world which is why I am reaching out. I would be happy to send over any of the details and would be willing to talk on the phone as well. If you have some expertise in this I would be happy to compensate you for your time as well. I am really just looking to be double-checked and get a bit more educated on any pitfalls a newer investor in this space my stumble into.

Thank you!

[Mike D'Arrigo]

@Devin A Hanley there are a few things that you really need to do due diligence on with a MF. You want to make sure you understand what all of the operating costs are, particularly as far as utilities, lawncare/snow removal etc. Insurance can be a significant expense. Be sure to get an actual quote from a broker on the the actual property. Next, you want to validate the income. Ask for not only a rent roll but also a T12 showing the last years income and operating expenses.