If I found a multi family deal from a fb group, how do I go about looking for partners for the deal? I don’t really know a lot of people who do real estate investing, let alone out of state multi family deals.
Any help would be great! Thanks!
Hey Ron, how much money will it require?
what are the details? PM me.
Hi @Jillian Sidoti , I’m analyzing the deal. It’s an 18 unit appt in Decatur, Ill. Nine 1br, 8 studio, and 1 2br. Rent collected is around $7600/month and $250 from laundry. Either I want to buy and hold or wholesale.
@Ron Atienza Asking price? Condition? Deferred maintenance?
Plenty of people looking to put money to work and interested in investing. You're doing the right thing, just connect on Facebook and BP with like minded folks.
@Ron Atienza at $422/dr, it sounds like it could be a rough area, or low income area. If it is an 8 cap, for instance, you are probably looking at an evaluation of around $450k, just to ballpark. Studios are not always desirable, depending on the location. There isn't enough info here to determine whether it is actually a deal, but you may want to seek some local boots on the ground to partner with. Look for meetups local the Decatur area that host an online meetup.
@Rick Martin thanks! I’ll look for local investors in Decatur to get a feel of the area since I’m not too familiar with the area.
@Brian Pownall I appreciate it man!
@Nick Johnson asking price is $499,900. 9 of the units have been renovated. No deferred maintainable in the next 5 years per seller.
As already mentioned, BP and FB are great resources for connecting with potential investors. I also recommend Linkedin and IG. If it comes down to it, do not hesitate to directly message people who you think may be interested. You would be surprised about how many people are interested in helping+partnering up on a deal if it is a good one.
@Ron Atienza , agreed that rents are low meaning high risk asset, and asking price is in general just not in line with the income potential. But more so, and I am guessing you know this, NEVER believe the seller. When I hear comments like "no deferred maintenance for 5 years", which I assume they are saying you won't have any Capex for 5 yrs, in their opinion, it means you better get ready for an expensive ride in the very near future.
I guess it could mean that he has not deferred any maintenance items for the last 5 years, but again that just means there could very well be a lot of things coming that he has not needed to address, and therefore he has not deferred.