All Forum Posts by: Alex Olson

@Jeffrey Grieshop An original, real duplex, is worth 5-10% more. People understand it better, it shows better, it looks better, etc...at least that is my experience. You will see it on appraisals as well. If appraising a sfh conversion, the appraiser will usually place a - next to it, indicating it is worth less.

@William Coet stay away from a sfh. It's not working the risk. Take that same million and find a different location and at least but 2 unless, maybe more.

@Greg Corbett thought I responded to this but I think you will see it off market for value add and stabilized for on market. Large complexes maximize their returns.

@Pete Jimenez Congrats! Do you plan to get an inspection? (I would highly recommend it for your first one). This will include a great list of things to consider.

@Anthony Gayden Great advice so far, but since you dont have any experience in syndication, I would recommend attending your local REI club. And ask around for someone that has done it or is a syndicator. This way, you partner up with someone local that has done it before. Having a helping hand will be invaluable. Maybe a friend of yours knows someone that MAY know someone.

@Blake LaRussa They all have pros and cons. I have some buyers that only want 1978 to present, I have some buyers that like the charm of older complexes. If it has been completed rehabbed in the last 20 units, an inspection can tell and will tell you if there are any foundation issues etc...If you like it and budget for it, go for it!

@Yen Padilla I would always recommend working with a broker in your are that specializes in the sale of apartments. Even if you pay comission, it will be worth it because they will maximize the price to their network better than you can to your buyers. But....a general rule of thumb is to determine the net income and the cap rate for your area to get a sale price. Are you familiar with the cap rate in your area?

@Joseph Dykes Are they bad tenants or just not paying enough? if they are  bad kick em all out if you legally can. If just low rents keep them and rennovate one at a time (or whatever you can do simultaneously).

@Dominic D. Do you have any friends and family in the are that can be trusted to watch over your property? If you can get contacts lined up, you won't have much of an issue managing a SFH from a distance. It is not hard as the tenants do all of the work to it. Just as long as you have tradesemen lined up.

@Raphael Cuthbertson Yeah I think that is a good idea.