Multi family investing ( apartment or mobile home )
Hey everyone , I could use some tips and pointers on where to go . I have a good amount of resources , I'm looking for apartment complexes 20-40 units , or mobile home parks 30+ pads . I can't seem to find many off market deals , and the ones listed return average 4-5% on your money with somewhat conservative underwriting ( 45% operating expense ) what should I do , or how do I find good deals , I own 6 mixed use properties and have resources to fund myself , just can't find any good deals worth injecting 300-500k and making 12-20% CoC . Ima buy and hold kinda guy .
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
To find deals, you need to build relationships. If you're not getting off-market deals, then you haven't established relationships with the top brokers, property managers, lenders, appraisers, etc in the area.
Two additional comments:
45% expense ratio may be ok, but in general would not be considered conservative for MF
If you're looking for those returns, then you need to wait and see how things shake out.