All Forum Posts by: Peter Nikic

can you share yours? I'm sure most people don't have one.

I'd suggest that you come up with a fair partnership of who's putting in what and who's collecting what on the back end. Many or most people bringing in the money think that since they're brining all the money, they're 100% owners and you're just an employee. And they'd be right to think this way, because most of them could do this without you but you can't do it without their money. 

So you need to find the money partner who understands your value and has no interest in doing it on their own but sees the value in this partnership. And if you enter into any parnerships using an attorney to create the parnership, expect that the $$ person's attorney will see it as paragragh one above (that they're 100% owners and you're an employee). The $$ people can get spooked by attorneys, families and friends, so be prepapred for it. Otherwise keep trying until it works, good luck.

I have someone for you, message me. in Chattanooga.

I purchased a property that was managed by Grayhaven (in Chattanogga). They seemed pretty good from what I could see. They were very helpful and easy with turning over all info I needed. Message me and I'll give you a contact.

I would offer myself, but I only have the one MF property there and am not ready to take on other properties to manage just yet. I'm looking to acquire more for myself and then add others under management.

Congratulations! that's a great acheivement. Not to take anything away from you, but you know the prices of real estate (especially in NY), so I know it may not seem like much, but I think you've overcome the most difficult obstacle and that is going from 0-1.

The way I see NY is that it does not meet any basic requirements for investing: it has low cap rates, high taxes, stagnant or decreasing population, anti-landlord laws/sentiment, rules & regulations etc, etc. However, even with all this working against NY, it still continues to be in great demand and continously on the rise. No one would think so given the indicators. None-the-less demand is strong, prices keep rising. It seems that even covid has hardly phased it.

I would say it's a great place to continue but given the starting price point it's just really difficult. It's excellent for those who are already deeply invested or have deep pockets. I'm not saying you can't do it, it's just very difficult.

Good luck, reach out with any specific questions. 

here's your answer

I've usually gotten them at closing. not everyone has a lease and sometimes leases can be falsified. the estoppel letters ensure that the tenants are in agreement with what the current owner is stating.

Hi Justin. I live in NY but started investing in TN this year. Message me with any specific questions or thoughts.

Price should be no higher than $480k (top). I don't know the area, so depending on rentability, vacancy, rent collections etc it could easily be lower. Given the current rent range, it doesn't seem like an area with high demand for multi family properties and investing. 

Otherwise, don't let the number of units scare you. Look at it as one unit, times nine. 

Investors don't typically look to sell. Start looking for properties via online (loopnet, commercial brokers etc). 

As far as looking for sellers, you can start by asking any/every friend or person you happen to have a conversation with. Let them know what you're looking for and if they know anyone who is owns or is thinking of selling their multi family property. It's a slow process, but be patient and keep at it until something comes up.