All Forum Posts by: Brian Taylor

I am looking for a lender recommendation in Grand Rapids, MI. We are looking to acquire 10 units (2-4 units each) in the next 12 months. Does anyone out in BP world have a good bank or lending institution, who is on board with non owner-occupied RE? I know a lot of the bigger banks in the area are not interested.

Thanks!

I am considering purchasing a large Apartment complex in a small town, and wanted to get the BP community's input on such an investment.

Here is the opportunity:

32 units (30/32 rented)

$750,000

11.2% Cap Rate assuming 50% expense ratio.

Built in 1997 - in good condition

The town is about 45 miles North of Columbus, OH (where I live). According to the 2010 census, the population is 2,047 (up from 1849 in 2000 census). There is no major industry in the area, but there is a decent public school system according to the Ohio High School Ratings. Can small town maintain a demand for apartment living? When 4+% of the town is living in this complex (assuming all bedrooms are occupied).

Looking forward to the feedback.

Thanks!

I just went into contract to sell my three Duplexes in Columbus, OH. I am now in the search of an apartment building in the $500,000 - $1,000,000 price range, hoping to identify a property by the end of August . Idealy it is turn-key or only requires cosmetic updates. We weren't planning on selling, but we received an offer we couldn't turn down .

Any recommendations on how to find a property outside of the MLS in such a short time frame? I have contacted some local brokers and investors asking if they have anything they want to sell, but nothing has clicked yet.

This is my first Forum post, so if anyone has suggestions, please feel free to reply.

Thank you!