All Forum Posts by: Peter Nikic

where are you looking to buy in TN? I started looking in TN ealier this year, then my plans got foiled by covid-19 so I never really got anywhere. Waiting on sidelines for a bit longer. Will get back into it and will be seeking financing as well. 

I'm thinking: Nashville, Knoxville & Chattanooga.

where are you located? and where is the property?

Add up all the expenses (whatever expenses you would be paying as the landlord) - total for one year

Add up all the rents - total for one year

I don't mind working thru the numbers with you. let me know. 

Rental property prices are low in this area, leads me to believe there are problems with the rent collected vs expenses. If the property makes income, that's good. But don't expect property values to increase much over time.

Will you be able to manage the property yourself? or will you need someone there? Let me know if you have any specific questions, I own and manage multifamily properties from Manahttan to Dutchess County (east of the hudson).

interesting, good luck! I'm sure you'll be able to do something good with this. 

For multifamily properties, one difficulty has been the lack of transportation to Manhattan (unless you're close to one of the Metro North stations). Fortunately, this is less of a problem today with so many people working from home.

A second issue which always plagued Yonkers is that the rent regulations are (almost) identical to NYC. This has not changed and unfortunately has only gotten worse in the past couple of years. 

Feel free to reach out if you have any specific questions, I own multfamily properties in Westchester (not in Yonkers for the reasons stated above).

Hey Drew, feel free to reach out if you have any specific questions with regards to investing and/or areas in westchester. I'm a (NYS) broker and multifamily manager & investor in westchester, bronx and manhattan. 

ask for a breakdown of all expenses. Those that are paid by tenants, and those that are paid by the landlord. Your concern are those paid by landlord, but it's also important to know what tenants are expected to pay as this affects their total monthly costs. 

with the limited information you listed, it seems like a good deal so far. a little over 9 times rentroll, $62,500 per unit. I'd say you're probably at about 7% cap rate. 

good luck, let me know if you have any questions. 

 Seems like a great place to start. Look for properties with walk-ability or transportation (public if possible). Good luck.

 And this is why when we here "Cancel Rent" - everyone needs to realize this. That means that the owner expected to pay .91 cents for every dollar of rent not collected from tenants due to non-collection (for any reason).