$1-$3m Multifamily in Tennessee
I have been scouring the listings this year trying to find a multifamily property in TN, that won't turn in to a money pit. I am a new MF investor, so I am very attentive to the lessons that have been presented to me. I have possibly been too restrictive holding me back from getting in to a deal.
I was in contract for 36 units from a private seller, but the owner couldn't complete their post renovation occupancy requirement in time to satisfy the lender's requirement. I was also in contract for a student property through a commercial broker that is poorly managed causing excessive vacancy and because of this I was unable to secure funding for this deal. I am currently working with yet another commercial broker in another town, but I finding that his current rent numbers are grossly inflated. This is giving the owner a false sense of value and making it increasingly difficult for me to submit offers in this city.
I am open to review any private multifamily properties in Tennessee. Does anyone have tips or pointers to get me over the goal line? I did just finish reading a post that stated to look for 5-6 CAP properties that are value add instead of focusing solely on >7 CAP.
Thanks for reading and any response,
Chris