All Forum Posts by: Axel Ragnarsson

@Cruz Gartner it’s certainly possible, you just need to be creative, find good deals, refi your cash out of, and manage well. We grew from 0 to 100+ units in 4 years, well within the realm of possibility. That said, it requires you to run a real estate business, not invest in real estate - there is a difference

Hi everyone,

I'm an out-of-state investor and have a 27 unit multifamily property under contract in Jonesboro, AR - I was wondering if anyone had referrals to an inspector/inspection company that would be able to inspect the property. I'm also going to include Memphis as a keyword alert in the event there are inspectors that will come across the border to do it - thank you all in advance!

-Axel

Memphis, Jonesboro, Arkansas

@Duriel Taylor Thank you for your detailed reply. Are you suggesting that upon purchase of any property before 1996 that the buyer would then be responsible for bringing various things up to code, or only if significant renovations are being done that would require permits to be pulled? 

@Christopher Helwig This is a great list, thank you! 

Hey everyone,

I'm a Boston based real estate investor (although my portfolio and property management company is located in NH) who is looking to start buying multifamily property in Florida, specifically the Lakeland area. I was hoping to learn from local, Florida based investors about what to look for in terms of common construction or building issues (electrical, plumbing, foundation, etc). 

For example, in NH, 90% of the inventory was built between 1880-1920. There are common issues with properties built in this timeframe (knob and tube wiring, horsehair plaster instead of drywall, flat roofs with minimal drainage, stone foundations, etc). What are some things you wise Florida based investors look for when doing diligence on properties?

Additionally, if anyone reading this is a property manager or broker who specializes in managing/transacting multifamily properties in the Lakeland, FL area, please reach out!

Thanks in advance - Axel

@Joshua Tessier thank you for the tag! Much appreciated.

Jose, shoot me a DM - I can connect you with a great management company.

@Zander Kempf

Our PM company charges 8% for management and 75% of a month’s rent to place a tenant. This is roughly what I see in NH, although maybe a bit cheaper (I see 9-10% typically). Let me know if you’d like an intro.

@Hadar Orkibi Thank you for your reply! I should have clarified that I'm not looking to connect with exclusively multifamily agents in Little Rock, rather anyone who transacts multifamily business. Our 28 unit is in Sherwood and is one asset (one property on one lot).  

Hey BP - 

My partner and I are looking for referrals to brokers who primarily sell 20-70 unit multifamily properties in Little Rock, AR. We are investors based in Boston, MA that are looking to continue growing our out of state portfolio in Arkansas (already own a 28 unit in Little Rock, 70+ units in our local market). We're hoping to also connect with local lenders and property managers, so if you're involved in the real estate business in Little Rock, please reach out!

We have also worked with wholesalers in our local market to find larger multifamily deals as well - even if you are primarily a residential wholesaler, we can still offer compensation for referrals to sellers of multifamily properties that you may encounter in your marketing efforts! 

Looking forward to connecting! 

Looks like it turned out pretty good! Hope all is well man @Jonathan Ramos

Some quick thoughts on analyzing rental properties in NH (assuming your goal is achieving cash flow, if it is not, then disregard):

- If you are putting 25% down, 90% of single-family properties and condos are not going to cash flow any amount that justifies doing the deal and spending your time on it. To drill down further, you'd need to be under $175k throughout most of the state.

- Follow the 1% rule when it comes to small multifamily properties (2-4 units). If a property doesn't meet that metric, it likely won't cash flow. If it exceeds that and creeps into the 1.2% - 1.5%, it's probably worth a longer look. 

Key issues with investing in New Hampshire are high property taxes, high maintenance costs due to older housing inventory, and a competitive marketplace (no surprise there, though). These typically make single-family rental property investing unfeasible if you're goal is cash flow.