All Forum Posts by: Michael O.

When I looked at it it made sense from a cash flow investment @Paul Smythe. 

In broker email specifically states that they are the actual numbers. There is a revitalization program going on in the area but I'm not resting my hat on that. They have been doing that in a town near me for 15 years yet hasn't gotten any better....

Looking to get into my first MF property. It would be an out of state investment for me. 24 unit asking 850k

Concerns

-The area doesn't seem to be the greatest. Although broker claims in the path of progress. 

-Price per unit is on the high side along with rent for the area

-It seems to be managed well low occupancy rate, however there are many like units that have been on the market for a long time (zillow) .

Please see financials below, these are not Proforma rather actual..

Looking to get into my first MF property. It would be an out of state investment for me. 24 unit asking 850k

Concerns

-The area doesn't seem to be the greatest. Although broker claims in the path of progress. 

-Price per unit is on the high side along with rent for the area

-It seems to be managed well low occupancy rate, however there are many like units that have been on the market for a long time (zillow) .

Please see financials below, these are not Proforma rather actual..

@Jacob Marble Seems like the property is running well with high occupancy rates. There are a ton of like apartments all in the price range of this property. It does cash flow well its a little over a 10 cap.

@Matt Bowler Thank you for that data. The subject property is close to Amberg park so on your map it would be considered Northwest. 

This property would be a cash flow play. The rents are near the top of 1bed and 2 beds as it is and all the expenses really seem inline.

Hello All,

Just looking for local knowledge here.  I am out of state investor looking a 20 + unit  in dutchtown neighborhood of St. Louis. I tried to google some info on it and it didn't seem that good of a neighborhood, however some of the posts were 3 years back. 

Does anyone have rental property there?

How does it perform?

What sort of tenants do you get there?

My broker told me there is a revitalization project going in that part of town do you see future gains in appreciation?

Thanks,

Michael

Interesting subject matter, I ran across a Youtube video where Gary Vaynerchuk was interviewing one of the cast member from Million Dollar listing NY (Ryan) and they seem to agree that the agent as we know them today will fade away. He said in 5 years then later said probably like 10. 

Perhaps two months ago I met with the leading private brokerage here in NJ for residential, and he also thought his job may no longer be needed in the future. 

Realtors "were the gate keepers of information" we all know how that has changed.. He also mentioned that in most cases a lot of his clients are more familiar with the town they want to buy in then him, simply because of the mass information available on the internet.

He will get the call from a client saying "hey did you see the new property that came up on 123 main st"... and because he has many clients he will miss it or the client will get to it the minute it pops up on MLS.

Gary and Ryan

If you put down 25% and get a rate of 4.5% 30 years you’ll cash flow about 100k per year. Have to get real p & l from Property owner to really dig into numbers. Usually noi doesn’t include capex where I’m from.

I would have to agree with the other previous posters. Sure their are people who land a deals within a month, but I think it's a volume game. They say every campaign should last 6 months, so I would consider raising your marketing budget to at least 2-3k a month for 6 months. 

@Greg H.

I see that, but this would only pertain to your specific  brokerage and not a indication on the legality of it in state of Texas. (which it may not be)

For instance, 4-6 agents I called said it wasn't possible. Now, is that because that their listing agreement reads like yours? Or are they not fully aware that is there is such a thing as contract owner listing. 

@Russell Brazil

Thank you I called the NJ MlS and as my attorney thought it is fully legal as long as the wording between the buyer and seller is correct on the contract. 

The NJ MlS calls it a "contract owner listing" subject to closing or title transfer.

Thanks for all the input.