All Forum Posts by: Account Closed

How will you manage it?  FYI: An 8 plex is too small and will not generate the amount of cash you'll need to afford full-time management.  Generally the minimum is 60 units or more in order to generate the kind of cash you need to afford an office employee and one or two maintenance people.  

I know some investors that acquire 30 to 40 unit complexes, but buy these complexes close to each other and have them both managed by the same employees.

It will depend on the details of the deal, the market and market trends, your talent to match the property to it's highest and best use in the neighborhood, ability and speed to get work done, and how deep your pockets are. 

"Good" is a subjective term, based on your research.  Personally, I would say "no", I don't like them do to population and job growth forecasts, but to each his own.  I don't flip, but if I did, I would concentrate in ONLY quickly appreciating markets (Chicago may not be bad). Otherwise you're in for a world of hurt if you've got a property you just invested a considerable sum and the market price drops.

Yes, get some good contractors you know to do a preliminary (not full) inspection to identify the risk associated with each deal.  Then, if you're confident that you want the property, pay the $400 for the full inspection to protect your ***!

Anyone else having this problem?

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I own over 20 nationwide (TX, OK, NC, SC, FL) that I self manage and I spend very little time on them.  The time you spend will be directly related to your investment strategy, the quality of the properties, and quality of tenants you are able to attract with them.

I developed my strategy while holding a full time job, so developing a strategy in which I could minimize my time spent on property management, and optimize cash flow was key!

I buy SFRs nationwide (TX, NC, SC, AZ, FL) that rent in that range ($1,200+).  They all cost between $90 to $130K.

The bigger question is: How are you going to manage the 60 homes?

Do you have your own property management company?  Because you'll likely need one to manage these effectively.  It's doubtful that you'll find a property management company that will do it, without embezzling your money (ex. charging you higher expenses/repairs, then pocketing the margin).

Yes, people who must pay money will be invested in completing the process.  If you do not charge, everyone and there mother might apply, even though they have no hope of qualifying.  Charge so potential applicants who have no hope of qualifying do not waste your time!  The better strategy is to train your leasing agents to gather sufficient info ahead of time so you do not encourage would be deadbeat tenants from applying.

Yes. I agree with Brian, but what "improving one's position" means will be different for each person depending on their goals and what they're looking to accomplish.  This explains why there are sometimes seemingly great deals to be had (because one person's in a position where they must sell, may be an opportunity for another to improve their position).  This is also why seeking to understand your buyer and what they are looking to accomplish is a major advantage (investors particular goals may differ and it's not always to get the most cash out of a transaction).