INDIANA / KENTUCKY COMMERCIAL MULTI-FAMILY REAL ESTATE

10 Replies

Looking to connect with southern Indiana / Kentucky area commercial multi-family investors to share meet-up events, market information, property discussions etc.

If you're in S. IN or KY and have experience or are currently seeking opportunities to invest in commercial multi-family, let's connect!

ALI

@John Warren Congrats on your 20 unit!

I currently own an 8-unit multi-family in Martinsville (fully leased) and I want to grow. My goal for 2018 is to purchase an 8-20 unit multi-family.

I estimate the top end of what I can afford to be around $750k (this puts me in the 6-20 unit range). Being young and smaller pocketed, I'm prioritizing reliable cash flow over cap rate. A sturdy building that requires little/no reno and strong rental history are important factors to me.

I am in southern Indiana and currently invest in multi-family mainly. Are you seeking partners, investors, mentors or what exactly are you looking for?

Hi @Brad Brosmer looking for mentorship. My goal is to scale to 100 units. I think I can hit 20 units in 2018, 50 in 2019 and 100 in 2020 - need advice along the way.

In the near term, I'm looking for multi family opportunities and advice on financing. I'm open to partnering if the right opportunity arose, but I want to do the work any partnership I see as being primarily from the financing side.

Mostly just looking for people to connect with to learn how they find out about opportunities and to get input on proformas, etc.

@Ali Hashemi , @John Warren , do either of you self-manage or do you have property management in place?  I'd love to get in the commercial space, but have zero interest in managing on my own.  I recently got into a couple of syndication deals (50-unit and 80-unit) in Indiana.   

@Mark S. I hired a property manager. I don’t mean to sound arrogant when I say I value my time more than the cost of a manager. And it has been the greatest decision I’ve made.

I can give numerous stories of when I’ve been so thankful I haven’t had to take care of an emergency.

That being said I’m very involved with my property manager. We grab drinks monthly and talk almost weekly.

@Ali Hashemi , I'm definitely with you on that.  This would absolutely be the approach I would take as well.  Did you find your PM first or the property?  How did you find the property, if you don't mind me asking?  Always interested in learning.  Would be interested in getting together if you guys get some sort of meet up scheduled and the timing works out.  I'm in Richmond, KY - about 30-45 mins south of Lexington (depending on where you're coming from).  

@Mark S. Property first (found on loopnet.com). Once I started the closing process I began the search for a PM. Being only 8 units I was comfortable self-managing until I found a PM if needed.

Typical PM charges between 6% - 10% of revenue. I pay mine a little more and he handles any/all legal fees as well (not typical for PMs).

I guess people don’t like loopnet very much? I love it. It provides the listing agents info and info about the property. What else does someone need. Probably for larger properties and on the selling side there’s more value in using a realtor but I’m not a fan of using a realtor on the buying side.

I’m available to meet up most weekday evenings. I’m in Louisville but would make the drive. or we could meet at a listed property and compare notes. I think my email is in my profile.

@Mark S. and @Ali Hashemi I also have a property manager. My partner and I tried to self manage our 20 unit for a few months (dumb!!), and learned the hard way the value of a property manger. I will definitely be using property management on all future apartment acquisitions as the PM has freed me up to do so much more with my time. 

@Ali Hashemi I’m not local but I’d love to connect with you. I’m looking for a potential PM around Martinsville.

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