I am planning on breaking into the apartment world with my first syndication! I am a wholesaler / flipper in CT, but I have no interest in the rental market up there. I am about to send a LOI on a property I am pretty nervous going through the process for the first time. I assume this is just part of the process. Are there any other apartment guys on here?
@Justin Emmert How big is the property and are you aware of the additional taxes on Multi Families in Memphis?
also if your goal is to make a big value-add play by making the nicer and raising the rents... You might have difficulty with that if the property is in the Raleigh Egypt frayser area
I am familiar with the Memphis area and would be interested in the details.
@Richard Sherman I took the taxes from the 2017 year and added 10% for the calculations, are the additional taxes newer than that? @Jackson Long It is a value add the comps have rents about 100$ more than the current, I also contacted a property manager who verified the rent bump (he actually project +150). @James Wachob I'll sned you a PM about it
@Justin Emmert no, that is accurate. Sometimes people will take just the residential rate and not realize Multi is taxed at a higher rate. Make SURE you talk to several property managers that manage properties in THAT exact area.
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