$1-$3m Multifamily in Tennessee

[Chris Wooten]

    I have been scouring the listings this year trying to find a multifamily property in TN, that won't turn in to a money pit.  I am a new MF investor, so I am very attentive to the lessons that have been presented to me.  I have possibly been too restrictive holding me back from getting in to a deal.

    I was in contract for 36 units from a private seller, but the owner couldn't complete their post renovation occupancy requirement in time to satisfy the lender's requirement.  I was also in contract for a student property through a commercial broker that is poorly managed causing excessive vacancy and because of this I was unable to secure funding for this deal.  I am currently working with yet another commercial broker in another town, but I finding that his current rent numbers are grossly inflated.  This is giving the owner a false sense of value and making it increasingly difficult for me to submit offers in this city.

I am open to review any private multifamily properties in Tennessee. Does anyone have tips or pointers to get me over the goal line? I did just finish reading a post that stated to look for 5-6 CAP properties that are value add instead of focusing solely on >7 CAP.

Thanks for reading and any response,

Chris