All Forum Posts by: Matt Engle

@Brett Merrill @Greg Dickerson is spot on. The 10 minute analysis is a terrific way to determine if a property is worth the time to do a more detailed analysis. When talking with the broker or seller, you can explain that you use the rules of thumb as initial assumptions, and you would need to see the actual financials to formulate an appropriate offer.

@Joe Gilroy there are some great markets in Ohio. Parts of Cleveland, Cincinnati, and Dayton have some untapped potential. Columbus is pretty hot at the moment where even local investors are unable to get a small multifamily in a good price range.

@Kat N. The good PMs will give it to you straight. If it sounds like they are trying hard to sell the area, get a second opinion from another PM.

@Kat N. Along with city-data.com and census.gov, you can use best places.net. Once you narrow down your search, you can then reach out to local property managers who manage the type of properties you’re looking for. Good property managers know their markets really well.

Hey @Remington Lyman. It’s as easy as joining the multifamily Investor Nation - Columbus group on Meetup.com. Then you’ll get updated to when the events are scheduled. I think they are typically the third week of the month.

I apologize for the confusion last Friday. We both called in to the conference line you shared with him at 5pm last Friday. Would you like to reschedule that call?

@Steven Wilson Columbus also has several multifamily specific Meetup groups that you can join. Two good ones are the Columbus Multifamily Investors Meetup and the Columbus chapter of Multifamily Investor Nation.

@Steven Kleppin it will help you understand the remediation costs that are associated with it. When we underwrite a deal we need to know the capital costs that will be required because those have a big impact on the returns as well as the viability of the project as a whole.

@Daniel Torres I agree with Colton. Syndications are completely passive so if you have money but not a lot of time, investing with an experienced syndicator is a great way to grow your wealth while you sleep.

@Steven Kleppin The costs vary but here are a few rules of thumb that we use to start with until we get more into our due diligence.

Appraisal - $3000

Inspection - $250/unit

If the building is older than 1972, lead paint inspection - $200/unit

Title processing and search - $900

Legal fees (for syndication) - $8500

Total lender fees and reports - $6950 (includes appraisal cost)

Title/closing attorney fees - $3000

Survey - $600

Title recording - $207

Reserves will be determined by your lender and insurance company’s requirements and tax jurisdiction.

Good luck!

@Todd Powell We like to always have a way for tenants to pay online whether it’s through a tenant portal or other similar method. If we place the right tenants, they will always want to pay their rent so we need to be able to accept modern forms of payment because that will increase the likelihood that rent will be paid on time and help the tenants have a better experience living at our properties.