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Buying multi units in Beaumont Texas
Hello everyone. I come across an opportunity to purchase 16 units in Beaumont Texas. Any thought on the area? Does anyone has multi units experience in Beaumont Texas ? What is the typical rent for 2 bed 1 bath? Can you guys refer me to insurance broker and property management in the area ? Thank you in advance .
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If it’s in 77701, I would need at least 18% cash on cash return to be worth it. Don’t expect any appreciation or rent increase. It’s just not as desirable an area, so you need to think about the exit strategy.
A better option would be to have an onsite manager live for free in one of the 1 bed units in exchange for management services as well as small handyman work. That would be cheaper and more effective than an offsite property manager.
I’m looking at a 14 unit in 77707 and am on the fence myself because I don’t know what my exit strategy would be. It’s very hard to sell anywhere thats not 77706 due to the lack of interest.