Searching for Multifamily Properties

[Ally Mager]

Hello,

We’re looking to 1031 out of our properties here in Portland, but cannot find a property that we would like to transition into.

We have multiple offers on our properties, but will not sell/list until we have found the correct property to transition into due to not wanting to be under the strain of a 1031 time clock.

Over the last year we’ve been in contact with realtors throughout many states, and have been using LoopNet/Crexi, etc., My question is, what other search sources do you use to find property?

We’re looking for a property that fits the following criteria:

- Value between 18-28 million

- Located in a red state with good landlord-tenant laws (Texas and Idaho are our preference)

- If Texas, not near the boarder, San Antanio or Houston area. We self manage and do not want to live in those areas.

- One building, or 2 if very close together

- No student, affordable or high rise housing

- Built after 1980

I understand that we’re looking for a needle in the haystack given the current market conditions, but would appreciate any advice on other sources to look into!

Thank you😊

[Ally Mager]

@Harrison Hildahl Thanks! I looked at M&M website last night and saw a few listings that may fit what we're looking for! 

[William Costello]

@Ally Mager have you thought about investing in midmarket cities in the Midwest? i.e Kansas City, MO, Indianapolis, IN, Columbus, OH? All of these cities are growing and have great returns and would not be overpaying like the sunbelt right now which is super competitive.

[Jonathan Styer]

Columbus is great for appreciation and cashflow with lots of building going on. Our biggest issue that a lot of markets are seeing right now is low inventory. Lots of job and population growth here. Good luck!

[Ally Mager]

@William Costello

We have looked slightly into the midwest, but not very deep. The sunbelt and Idaho are definitely very competitive right now, Idaho especially! I'll look into those cities a little deeper. Thanks!

[Tyrone Dennis]

I work with commercial advisors who specialize in multi-family and all of which who focus on subsectors in each given market.  We have a lot of listings in-house among our agents through-out the firm and I am more than confident we can work on finding you something to fit your criteria during your upleg period of your exchange.

Reach out to me directly if you want me to connect you a commercial investment agent who works in the area you are interested in.

[Remington Lyman]

Originally posted by @Jonathan Styer:

Columbus is great for appreciation and cashflow with lots of building going on. Our biggest issue that a lot of markets are seeing right now is low inventory. Lots of job and population growth here. Good luck!

 The key with the Columbus, Ohio market is to find the deal off market.

[Wale Lawal]

Originally posted by @Cristian Vences:

I have a 106 unit condo bundle here in Houston.
$878/month per unit
10K EMD
$8,200,000

 Send me a DM to discuss this. 

[Wale Lawal]

Originally posted by @Ally Mager:

@Cody L. We currently own pre 1980 construction units, but would prefer to transition into newer construction. I agree that if a property is well taken care of, then the build year isn't such a factor. You can have a property that was constructed in 2010 be in worse shape than one from 1970! All depends on how the property was taken care of. 

We're ruling out Houston due to the weather and being so close to the coast. While we will follow where a deal takes us, we also want to be comfortable with where we're going to live. 

Goodluck to you in your search.

[Cody L.]

Originally posted by @Wale Lawal:

Originally posted by @Cristian Vences:

I have a 106 unit condo bundle here in Houston.
$878/month per unit
10K EMD
$8,200,000

 Send me a DM to discuss this. 

Does this deal have the initials "G.O.V"  ?    I was sent a 106 unit in April.