All Forum Posts by: Obed Calixte

Based solely on the numbers you shared- you’re not competing for the same tenant pool as the luxury apartment.

If you haven’t already- consider what similar buildings to the 4plex are offering with respect to rent, amenities, unit quality and incentives (if any).

Over the next year, some things to consider are:
-Defining the goal you are tying to achieve (if not done already)

-Define the REI strategy you aim to achieve that (sounds like BRRR)

-identify what a good deal looks like for you

-identify the Indy submarket/neighborhoods that best align with above strategy

It won’t be easy to go it alone so get active and network. Meet in person the people in your market that are doing it. You’ll shorten your learning curve greatly.

BP has an investor agent directory and others may chime in with referrals.

What you wrote may not be what you mean regarding expectations - what do you mean specifically by you someone to be available 24/7?

And you want to buy deep -What does that mean exactly?

What is your vision of an “investor friendly” agent?

I ask as what you shared will be off putting to many agents. 

Interesting ask.

Increasingly MLSs are only syndicating 1 picture to 3 party sites when a home is sold - some cities/states don’t even show prices. You’ll also have hard time determining MEP, structural and other similar upgrades without going through permitting history.

For individuals with MLS access, most of that information is still available. You would have to create searches for homes sold within a certain timeframe, download the CSV/XLS files, cleanse the data to find duplicate addresses and work from there.

Not difficult, just tedious.

What are you seeking from that info?

If it's to understand rehab costs, profitability and/or ROI - just talk to the most active hard money lenders / flippers in the area.

The simplest and most direct is to ask the sellers.

Aside from understanding the seller's motivation-

What has your due diligence looked like thus far on this property?

contractor walk thru? Public records search for liens and permit history? Talked to neighbors for history on the property?

Are there strong comps and demand in the area for the finished product?

 

There are a ton of posts with the same question in this forum.

I’d start there to see the ideas others have shared, pros/cons and followup with the original posters to see what they decided to do and what their outcome was.

Why is seller against 1031 exchange?

Bad experience? Lack of knowledge of the process? Wants some cash out the deal? 

based on the limited info shared, 1031 may be in their best interest if they are truly looking to sell.

If no one local to Nashville can assist,  you can leverage Apartmentloanstore ‘s website and search for Nashville cap rate. It’s a great starting place.

You can also search the web for  “Nashville multifamily market report”.

Owner occupying a multifamily to get started in real estate is a common, tested path.

If you haven’t, it’s highly recommended to speak with a reputable and knowledge lender to go over available products, pre-approve you to give you true idea of budget and costs, and share insights on what they are seeing in your market.

You mention FHA and putting nearly 10% down. I will assume you are either 1) not aware of conventional 5% down for owner occupied multifamily or 2) deciding against conventional for one reason or another.

The above post touches on the other key aspects.

If the HOA requires owner occupancy the first year before renting, an investor is going to have a hard way navigating around that regardless of the financing used.