All Forum Posts by: Amy Heitner

Very interesting!

Thx Ryan.

Hey Adam,

Check out the definitive answer here https://www.thebalancesmb.com/rental-concessions-4172961

I agree with @Nathan Gesner carefully research the competition. Market rents are constantly changing and you should find out exactly what the competition is asking for similar units in the same area. Are you fully utilizing the power of online marketing to reach prospective renters? It may not be what you want to hear but as has already been said it might be necessary to offer rent concessions. Again, see what the competition in the area is doing and at least match that.

Hey Michael,

Not quite the answer to your question but just some thought...

The trick with building multifamily apartments is getting the land at a good price, so if you already own the lot and it is zoned for multifamily then you are in a great situation.

Not expert enough to give you an estimate of costs per square foot but it would certainly appraise much higher than the overall cost of building.

The variables here are the land cost and the development costs, the structure costs are pretty fixed unless you build something totally custom and elaborate.

As Oleg says, a higher cap rate is good for the buyer.

The reality today is that the growing desirability of multifamily means that cap rates continue to decrease, while prices are at an all-time high.

That's why even though there is still money to be made, you need every advantage you can get as a multifamily investor.

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Why not speak to a lender and get pre-approved for a loan? Then you will know exactly how much buying power you have and can make a strategy accordingly.

Wishing you all the best!

Hey Ryan,

Sounds like a great deal. Congratulations!

You clearly worked hard and smart.

You say that this deal brought you closer to landlords in the same community with similar assets.

Are you thinking that the rapport with these individuals might ultimately lead to another profitable acquisition?

When an appraiser is comparing your home to others that have sold in the area, things like new HVAC and updated pipes and wiring typically don't increase the value of a home. It's not something a buyer can really "See" (like updated kitchens and baths).

For resale value, your money will probably be better spent on other upgrades.

If the notice period is greater than 30 days, maybe 60 days or longer, you could consider offering cash for keys and then raise the rents immediately for the new tenants.