I toured a 131-unit today 🏢

[Justin Goodin]

Hey everyone,

I toured a 131-unit property today in Indianapolis, IN. Every deal you see come on the market today is a ‘value add’, but as you can see, this is ACTUALLY a value add 😄. 

This was a C class property in a C area of Indy. Needs a ton of capex and there is a big opportunity to improve the in place management team.
 
What are some specific things you like to look for on a property tour? What questions do you ask the management team?

Any crazy stories you can share?

Overall, had a great time!

[Spencer Gray]

I always find it important to build a rapport with the onsite team/PM during the tour, in addition to the broker. I like to spend the first half of the tour with small talk, talking about the area, their back ground, their accomplishments at the property - really make them your friend and put them at ease.

Once you've done this, start to slip in questions about the property, the residents, crime, maintenance issues, what they would do if it was their property and they had any budget to work with - and don't make anything seem like a big deal. A lot of my questions revolve around the resident base, demographics and employment. 

This can be a bit challenging with a broker present as a good broker will have coached the PM on what to say and what not to say - but that doesn't mean you can't get some real valuable information from the PM.