All Forum Posts by: Brooks Rembert

@Account ClosedI've spoken with three Property management companies and will sit down with all three of them in a couple of weeks when I travel down there.

I'll be down there at least monthly for the first several months to ensure things are running smoothly and if all is well, I will pull back a bit.

@Carlos Rovira

 I sent you an email. Please let me know if you have any additional questions.

@Jonathan Drago

 Welcome. BiggerPockets is definitely the place to be to learn all you need to know about every conceivable niche there is.

On a side note, we're about to close on an apartment building down in Port Charlotte in six weeks or so, so I'll be down close to your neck of the woods. Maybe we can link up for a coffee.

Hello BP. This is our first Marketplace post. We have a small, six-unit apartment building in Port Charlotte, Florida that we are looking to partner with a small number of investors.

We are projecting a total, annualized return of 15%. The units currently rent for $700 per month each, for a total of $4,200 per month gross, which is slightly under market. Within the first year, we anticipate raising rents to $725-$750 as tenants either re-lease or turnover. 

We anticipate holding the property for five years. A promising wrinkle is that the building recently was approved for condo ownership, so if it is financially advantageous in the future, we can plan to sell the six units individually.

We will be investing some of our own money in the deal as well. Please let me know of any interest and I'll be happy to answer any questions you may have.

If you can deliver a high return for your investors and give them an equity position in the deal, many times it can be more appealing than investing in other vehicles. 

I just heard a great tip... Call them up as a prospective tenant. Do they answer the phone? Do they return calls? Are they responsive to showing the property? 

If not, why would you want them representing you? It may be a little sneaky, but to me it's no more so than mystery shopping a store. 

There are numerous posts and articles about getting started. Just use the search box to get started. 

Aaron, lenders I know will essentially "pre-qualify"  you, then provide you with a letter stating something to the effect that you have the cash available to make the purchase. 

That is what you can show an agent when making your offers. 

Absolutely. There are two separate, distinct units, and the renters should have coverage to protect their personal belongings should something happen to the building.

Nothing would happen. Many people get started in exactly that manner. 

Good luck.