All Forum Posts by: Brian Garrett

@Jonathan Greene I'm not interested in Davie but thanks for the heads up. How have your Sarasota marketing efforts been going specifically for 5+ unit multifamily properties?

Are there any Florida investors here who are actively buying 5+ unit multifamily deals? I'm a local investor (Palm Beach County) that buys single family flips and value-add multifamily. My primary focus at the moment is finding a small (5-10 unit) value-add apartment building. The goal is to reposition, stabilize and then either refinance or sell and 1031 to trade up to something larger. Here in my area that proves to be a challenge due to high demand, limited inventory, premium prices and a lot of competition. Anyone having better luck in other Florida markets?

Just FYI you tagged the wrong person, lol.

Option 1: Private Money

Option 2: Hard Money

You can refinance as soon as you have the building stabilized with new tenants and leases.

Keep in mind it may be difficult to raise rents given the current climate of the market with coronavirus.

I'd be very conservative with my numbers during these times and I'd be extra diligent with tenant screening since you are not allowed to evict in majority of markets at the moment.

If it's truly a good deal it will be easy to find a buyer via local meet-ups, Craigslist, FB Marketplace, etc.

1) Make sure you really know the markets you intend to wholesale in

2) Make sure you get really good at running comps to know value and ARV

3) Make sure you get really good at estimating rehab costs

4) Make sure you really know how to run the numbers to present to investors

5) Make sure you don't inflate the ARV and underestimate the rehab to make it more appealing

6) Make sure you don't get greedy and try to make a home run on every deal

7) Keep in contact with your investors and consistently send them deals that fit their criteria

Call the small local banks and credit unions in your area to ask about portfolio/commercial loans.

These have less restrictions and are based more on the asset itself rather than your personal income.

I pick up on certain gems from each one so I'd have to say all of them!

All the questions you're asking are things you needed to research and answer before buying the property. 

What made you pull the trigger without having any market knowledge and without doing any due diligence prior?