All Forum Posts by: Michelle Watt

Hi All - can I get your insight as to whether there are any cash flow opportunities left in Philadelphia (mainly West Philadelphia, Center City, Old City)? Any nearby suburbs to consider? Or have prices for the most part gone up too much over the past few years? I am now living in Las Vegas but went to college in the area and am thus somewhat familiar, but unsure of the current state of the market, particularly after the insane growth in the last few years. I'd appreciate honest responses as I'm pretty cautious at this point in the cycle (wherever we are!), but each time I go back, the prices still seem cheaper than cities I am used to, and I just can't help but notice how much improvement there has been all around. Is there any room left?

Thanks in advance!

Michelle

@Jonathan Twombly - IT'S ABOUT TIME you started your blog! I am so looking forward to reading your entries. Hopefully you will put more about your background and how you got to where you are in the blog as well. The short amount of time with which you took to build scale is indeed incredible (and a bit crazy), but people need to know that you have TWO Ivy League degrees, passed a couple bar exams, and had been a Wall Street attorney beforehand! Still a crazy feat for anyone, but I think that your path may make a little more sense in that context. And I'm sure others will appreciate your insight given all of your experience as well.

Keeping this one in my bookmarks - thanks and good luck Jonathan!

@Laura Williams - thank you for the wise advice. By C properties I meant B or C as I know some peoples' definitions differ a bit. Basically, just not the A properties. Older ones that could use a bit of work/sprucing up :) Thanks again!

@Mark Mosch - yep! Really took it all to heart and aim to get up and running. We chose those two for a variety of reasons - there's no perfect market for us right now, but given our criteria and budget, KC or Indianapolis make the most sense at this point. Thank you for keeping us in mind, and I will keep you posted!

@Jim Workman - thank you! He is on my list to call as I saw his/your posts on the other forums, but I couldn't gage if he dealt in the larger space. Thanks for the clarity on your investment size. I'll definitely be reaching out to him for sure, just wanted to get a few more recs in case anyone had any. Thanks again!

Hi all,

Would any of you be able to recommend solid property managers in the Kansas City and/or Indianapolis areas? For 50 units and under, C class properties - ideally experienced managers who have experience working with out of state investors.

I apologize for the repetition as I know there are other threads on this topic, but a lot of them seem to be for smaller assets, so I thought I would just post the question with my criteria specifically. 

Thank you all kindly!

Michelle

@Russell Brazil - thank you! I heard of the 1.25 DSCR as a necessary threshold, but I wasn't sure if lending standards have since changed. Glad to know this is still current, thank you for the info/verification!

@Walker Seid - thanks for the further detail. There's clearly more options/variances between lenders than I initially thought. This is very helpful, thanks!

@Dan Schwartz, @Walker Seid and @Vincent Crane - thanks for the response. It's good to know it can be done, I was just hoping to get more informed on any potential issues before going in and talking to the lenders. I feel like it's such a chicken-and-the-egg conundrum...I want to walk in pretty informed on my options so that they'll lend to me, yet I'm walking in to hear about those very options. Thanks for your advice/experience - this is really really helpful!!

@Curt Smith - big thank you for the technicals! Very insightful!

Thanks again and cheers to you all. Best of luck with your investments!

Thanks for the quick response, @Devan Mcclish!