All Forum Posts by: Kon Zel

Property Managers, same as anything else, are a mixed lot.  I've had awesome experiences, and some well below average.  They definitely have the potential to make your life a LOT easier.

With my OOS properties, I rely on PMs and largely have been on autopilot after some initial kinks.  For stuff in-state, I'm still self managing, but will eventually transition that away.

 Yes, please make the intro.  PM me

You'll likely need to find a local credit union that would be willing to lend its portfolio. FNMA/GNMA etc have a min amount of $50k. That means that originators won't be able to sell the loan in the secondary market (at least not easily). So you need a bank that extends its own balance sheet.

Call a bunch of banks, you'll get 99% "No's", but eventually someone will say yes. 

@Dan Barli Do they charge for outgoing wires? 

I'm also in north NJ, but primarily have been investing out of state - with some small MF in NJ.  Now I'm starting to focus more on NJ as I'm seeing more opportunity.  

What size MF are you looking at? 1-4 or larger?  

I'd also be in for a meetup in Morristown. 

@Allyson Straka For anything < 5 units, the prices are set by comps. While GRM is a good metric to give you an idea of your internal value, these properties don't trade based on it. The market values will be set by local recent sales.

As others have mentioned, there are still deals to be had, just have to negotiate a bit and work a little harder.

Interested in address.

@Stephen Blalock That's what I've heard and therefore want to run some things by an experienced MF investor in Memphis.  

@Joshua D.  I'm not sure why you keep avoiding the question about how you're reporting your finances.  

Is the $7k/month net of all PITI?

Some of those rents to value seems way out of line also.  

Where are all of the Memphis multifamily investors?  I need to bounce some ideas off some experienced people.  Looking at a potential deal, but want to avoid pitfalls.  

Please reach out.