All Forum Posts by: Tim Burns

Wow, I wasn't expecting so many responses. Thanks!

Joel & Rich:
It would be predominantly financed externally. If I wanted to remodel all of the units and it was 50% occupied upon purchase, would I just remodel 50% now and the others upon turnover or would I have to boot people out? How would I know if I have to empty out the building?

Simon:
That helps, thanks.

Brian:
A 1031 exchange is public info isn't it? Is there no database that publishes that info?

Jeff:
I hadn't thought about the large appreciation in the property as a result of the increased NOI. Does one have to do extensive comp research to try to forecast how much they could increase rent by given a certain $ spent on remodelling or is there any rule of thumbs that help?

Marc:
I'm considering the viability of Dallas and Atlanta but I'm not ready to invest in a specific property yet (as I'm sure you could tell).

Separate line of questioning:
- Condo conversions: how long do they take, how much do they cost, and at what point (looking at buy-rent ratio) do they become profitable?

P.S. it is Andrew. It's my brother Tim's account - haven't bothered to make my own yet.

Thanks again, guys.

Hey guys,

I'm obviously new here but I have a few questions. Any advice/guidance would be appreciated (even if it's simply "go read this site").

I'll go from easy to hard:
- Am I correct in assuming that I would find foreclosed multi-family properties to purchase in the US at a bank auction?
- It seems the short-term goal of buying distressed multi-fam is to increase occupancy and the medium-term goal is to facilitate better management and fix it up in order to increase rent. What makes one city/market more attractive for acquiring/fixing up distressed multi-fam's than another? Is it simply a matter of where one feels most comfortable and has most knowledge of or is there some sort of objective analysis one can undertake like "oh in cities with high occupancy you have a better shot at..."?
- How does one go about finding out how many people are applying for or getting IRC 1031 deferrals in a particular area?

Thanks!

Andrew