Overwhelmed, scared, confused...yet, motivated, excited, willing to learn and apply tools and techniques by proven multifamily investors. Just watched BP Podcast 191, Bill Manassero was very inspirational and I hope to learn from him and others like him (value-driven, cash-flow focused; and most of all, family oriented). The journey begins!
Join and go to the CIREIA and INREIA meetings. The networking you can do there is very helpful.
Will do...As I stated earlier, I'm feeling a little overwhelmed so I plan on following BP's initial welcome email (i.e. Introduce myself, attend a webinar [registered for next week's], then start analyzing deals). Thanks Edward!
Welcome @Jason Jastillana don't miss that webinar! They'll plug the PRO subscription near the end and if you're like me, you'll take the plunge. I've found the calculating tools to be extremely helpful. Being new I was second guessing my findings, but I shared my numbers with a couple investors and their double-check validated my effort. I've made great connections in very little time and submitted an offer for one of those investors on that said property just a few hours ago!
Listen to more podcasts. And, in your profile settings you can setup keyword alerts so that anytime there's a post with a topic you don't wanna miss, you'll get a notification to check it out.
@Jason Jastillana I am in Indy, and work with a lot of Multi-fams here.. I currently own about 3 duplexes myself, and manage several other. I have managed up to 24 unit buildings... Below are some of my thoughts on Indy Multifams.
When dealing with multifams, you need to be aware of a couple of different things though.
Higher vacancy rates, instead of 2-4 weeks to fill a single family, you are looking at 4-8 weeks to fill a multifam.
Higher turnover rates.. While my single fam renters generally rent for 3-4 years on average, my multifams only rent for 1 year on average.
Watch out for owner paid utilities. These can break the deal. While water/sewer is easy to deal with(around $75 a month per unit), anytime you are paying for heat you are looking for trouble. Residents crank the heat up in the winter and then open a window to cool off...
Most of the smaller multifams in Indy are quite older, so you may have some increased maintenances..
I am not trying to scare you off, just you need to budget for these things.
Welcome to the table, let me know if I can be of assistance!
I agree. I have some multi families in clay and Vigo counties. I always look for separate utilities and try to stay away from paying utility bills if possible. If not possible I would have a definite amount scheduled for utilities per unit and include in their lease. If it exceeds that amount they are charged for utility difference. Once when I was furnishing water and sewage a tenant was taking in other folks laundry and charging them. I applauded her resourcefulness. But I wasn't subsidizing her laundry business using my water and sewage
Welcome to BP, Jason, and if you're new to Indy/Fishers, welcome to the neighborhood. I'm also in the infancy stages of investing, so know you're in good company. There have been plenty of folks in Indy and all around BP willing to give advice, tell their stories, and be supportive. Keep hitting the forums, and hopefully we can meet at some point. I need to get into CIREIA / INREIA myself!
Thank you all! I'm amazed of how active and engaged people are on BP. Please let me know if I can do anything for you. Expect a colleague request, but I won't get offended if you don't accept it. Look forward to sharing our endeavors.
Welcome to BP! I'm a multi family investor here in Indy. Let me know if there's anything I can do to help you get started...
Hi @Jason Jastillana ,
Welcome to the forums. Happy to have another hoosier on board:) Some of the best things in life are scary at first:) Get connected, stay informed, and don't forget to actually do something! Step by step and you'll find your way. All the best!
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