All Forum Posts by: Jordan Meyer

I'm a BYU grad who just moved from WA to Utah. It will indeed be tougher to buy cash flow the closer to Seattle you get. Prices there have exploded in the last 18 months. The further you are willing to go out the better your chances will be...best of luck to you.

The duplex is a good idea, but if you don't have much income, it could be tricky to get financing. But don't let that discourage you, just realize you may be in for a frustrating ride...also it's easy to overpay for multi's near the big campuses. You may have to give on location a little.

Hi Ken, I'd do some verifying of your own on what it will rent for. Look for rental comps on Craigslist. Just to be sure...this property is in NY, right? Rents don't get much above $2200 in Utah....also you might save yourself some expense and get balloon insurance instead of the LL

@Jake Maughan Were you able to get your first multifamily deal done? I'm in a similar situation...I have offers out on several.

On learning my market: I am doing this right now, having recently moved from Washington to Utah. My method is to use the MLS (I have my license) to look at all the properties in an area that I'm interested in (in a price range I'm interested in) and create a master spreadsheet of data that includes asking price, address, rents. Then I calculate the price per square foot and gross rent multiplier for each property. The end result is a pretty powerful tool for comparing how any given property compares to the current retail market. Of course this is just one aspect of learning your market.

All the best

Welcome, MIke. I'm originally from Willard, Utah--but a stone's throw from you. I live in Bountiful now. All the best.

Yes, there is the WAREIA, which brands itself more on offering education for free. They meet in Sandy as well.

I would get the insurance reassessed before making my offer--it's as simple as a few phone calls. The more information you can get, the stronger your negotiating position. Also, make sure to run the numbers with and without the assumption that you'd be managing.

I like that you have property management experience. I'm in a similar position, looking to buy a commercial multifamily, possibly with owner financing. Make the offer contingent on seeing all operating data, including, as Joel says, the seller's tax returns. I might even put a clause in the offer saying that the seller "warrants the rents...and they will survive closing" so you have recourse if they're jimmying the income numbers.

At the end of the day you'd be controlling a cash flowing MF property with no money of your own--sounds pretty cool.

Thanks Brandon Turner and Jonathan Sowinski. Brandon, keep up the good work on the podcasts!

Any suggestions on books about acquiring small apartment complexes (10-25 Units). I've spent several hours on amazon, but they all seem too guru-y, too full of "experience financial freedom through RE" platitudes. I am a licensed agent, have experience in 2-4 unit properties, a RE finance background, but want to learn more detail about how the process, analysis, and due diligence involved in acquiring larger properties. Your suggestions are appreciated!