All Forum Posts by: Peter Nikic

I have moderate priced apartments in both TN & NY. I generally have no trouble renting any of them. Being new to the TN market, I'm having a little trouble with renting resources or agents in Chattanooga TN. Especially the higher end market.

Anyone out there have any recent experiences that you can share? Good or bad. Thanks

I've been looking around there as well, I think it's definitely worth looking at. Reach out if you wanna talk. 

not always but commonly

where do you live?

sure

From reading all the comments above, I agree with most things. 

Look for strong markets and if you find 5-6% cap rate, that'll be your best bet. I own in NY and have now started to buy in TN. Just bought my 1st multi (9 units) at 7% cap rate in TN but I think I just got lucky. 

The luck on our side with properties of this size are that they're too big for the average person and too small for the bigger investors.

Good luck, connect to talk.

You don't have to agree, but my encouragment will probably serve him better than negativity. We don't know his experience, he most likely does have some knowledge or experience that he doesn't even realize, that is why he is pursuing it. Owning is not the only way to get experience.

I'm speaking from my own real life experiences. I bought a 21 unit bldg in the Bronx with NO experience and no help, and it all worked out just fine (actually better than fine). At that time I owned a single unit condo as an investment. Aside from growing up in buildings in the Bronx, I learned everything I needed to know to get started in rentals from the single unit condo. I just multiplied that by 21 times, otherwise no difference.

Now you can be as cautious or negative as you want, but I know from first hand exeprience that anyone who is in Philip Christie's position is qualified to pursue multifamily investment properties. He just may need to prove that to the lender, which is what he is asking help with. 

He has single family experience that can be multiplied as much as necessary. 

Look for another lender. Also the fact that you're looking to buy a multifamily means that you DO have experience, you just have to find the words to put on paper.

Originally posted by @David McLean:

@Peter Nikic

Congratulations, Peter! Chattanooga is a great market. Sounds like you found a great deal. Are you managing this yourself or hire 3rd party manager?

Thanks, myself for now.

Thanks. I'm expecting 25% or more cash on cash returns with no immediate expenses or repairs. It's always good to have emergency money whether you need it or not.