All Forum Posts by: Luke Metzker
Luke Metzker has started 3 posts and replied 4 times.
Post: 70 Unit Apartment Complex....New REI...Where to begin?
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Hello,
I'm new to REI and have been trying to educate myself for the past couple months. I have been focusing on multi family. I am a high income earner and would like to replace my salary of around 200k with passive income in 5 years. A 70 unit apartment complex is fore sale in the market I have been looking at. It is close to a university in a B-C neighborhood. The asking price is $3,190,000 and is about 80% occupied. It is a mix of 2bdr and 1bdr units. Tenants are paying ALL utilities on 39 of 70 units. Landlord is paying ALL utilities on 24 of 70 units. Landlord is paying PART utilities on 7 of the 70 units. Current management is getting any new tenants or lease renewals to pay their own utilities. The management team in place charges 8%. I have looked over the memorandum and based on their calculations, the COC is 7.5% in year 1 and goes up to 15.5% by year 5. This would be my first major REI other than the house I own, which I am currently renting. There is obviously a lot to digest from the memorandum and much of it is beyond my knowledge base. Any recommendations on how to proceed or who I could reach out to for advice?
Post: Looking to invest in Lexington KY
- Posts 5
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Thank you for the insight. Are there any areas that you would stay away from?
Post: Looking to invest in Lexington KY
- Posts 5
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Hello BP community.
I am new to REI and am researching different markets to get into. I'm currently looking at multi family long term rentals. One of the markets I'm looking at is Lexington KY. I grew up there a long time ago, however I still have lots of fiends and connections there. I feel like it is an up and coming and high desired area to live. Does anyone know much about Lexington or Kentucky in general, as far are REI is concerned? Taxes, laws, growth ect.
Post: Should I set up a shelter LLC in Wyoming?
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- Votes 0
Hello BP community. This is my first post and I'm a newbie when it comes to REI. I am currently looking at investing in multi family properties for passive cash flow purposes. I am mainly looking at FL and GA currently. Does anyone recommend setting up a shelter LLC in Wyoming and anther LLC for the individual properties in whichever state I decide to purchase? If so, has anyone does this on there own, or have you used an asset protection specialist? Who would you recommend ?