All Forum Posts by: Lori McGuire

Actually, I see the address now on your analysis.

What’s the address?

I'm in Chattanooga, TN currently. My property inspection on a 16-plex I purchased was yesterday. Crazy how much mold is underneath all of the units, so I'm sure it's deep in the walls, etc. Also, 16 joists need to be replaced because some of the floors are caving in. Needless to say, I am very disappointed after paying $4800 for the inspection and $1300 for the trip here from CA. My broker was saying that people don't care about mold as much as they do in California. I can't imagine buying a mold infested building though. Am I thinking differently than most the East? Obviously I'm going to go back to the seller and renegotiate. He may not budge though. Onto the next!

I actually think I want to focus on Chattanooga, but I'm open to actually anywhere in the United States. I will be closing on a 1031 exchange and the time will be ticking after this week. I have approximately $250,000 to invest. I would love to buy multi family, at least six units on up, with a minimum cap rate of 9%. I saw one property already in Chattanooga with a cap rate of 8%. I just want to make sure I'm not overpaying at $360,000 for a six-plex. On the outside, it seems like a great buy for me since I am used to Orange County prices, but I really want my money to stretch into as many units as possible. More than likely, I will move forward with the six-plex because it's clean and doesn't appear to be a fixer-upper. I would consider it to be in a level B area. My goal is to buy another six-plex or eight-plex if there is anything good out there. I was pretty interested in the budget rental car building and 3 acres at the Chattanooga airport, it just makes me nervous that it's one single tenant, and they only have 3.5 years left on their lease.

 I would like to fly out to Houston to hopefully purchase a few multi family properties. I'm doing a 1031 exchange from a property in California. I would prefer to purchase a few Fourplexes that have a good cashflow. Does anyone have anything they know o,f or can recommend a good broker? I am also checking out Chattanooga, Tennessee.  Thank you!