All Forum Posts by: Account Closed

@Joel Owens - You mentioned you were seeing 8 caps on retail in growth markets even at this point in the cycle.  Can you give some brief thoughts on a) % of rent to set aside for expenses and b) typical financing for such a deal?  I have some interest but struggle to make the numbers work.  

Thanks to all that responded - online and offline.  I just spent 7 hours Ubering and walking around Philly.  Specifically, Center City, Point Breeze, Manayunk, Kensington, and University City.  You guys were SO right about the diversity of housing stock.. and that was just a few areas!  Many more trips to come, but between the advice and the trip I will be able to focus my efforts even more next time.  Thanks again.

Didn't see the other comments..  Would be looking to transact in the 200-400k range.  

My objective is cash flow before appreciation.  Interested in both, but that is the order if I am pressed.  I have a fairly specific demographic in mind going in.  Essentially, blue collar steady.  I will be able to pay cash and/or fund a rehab if that's the best way to start.  Ultimately I want the property to land on a 30 year fixed residential loan.

Just the word "condo" gives me fits, but that is based on experiences in different cities : )  My guess is that 2-4 units would make the most sense, but I really don't even know the housing stock in the area, thus the trip.  

Which neighborhoods should I visit.  Going tomorrow!

I am planning a day trip to Philadelphia to look at 2-4 unit investment properties in B-C class areas.  Of course, would like to know where the numbers are positive on a cash flow basis.  I'm not looking to strike it rich with a turnaround neighborhood, just something solid with a bit of upside.

Which neighborhoods make the most sense?

I have done SFR in the past in my local market when I lived in North Carolina. At this point though, I need more scale and want to move into apartment buildings. I am in the DC area, so its tough right now due to values, so I am focusing on properties in the Southeast in a handful of select secondary markets.

The biggest issue is that I do not have people in place (the infamous "team") to enable working from a distance. Enter the 6 plex.

I have line of sight to a 6 unit building in my target market that will likely meet my investment criteria from a % perspective (e.g. CoC, Cap Rate, etc.). My goal is to get to 75 units in the next 5 years, so I worry that 6 is just too small. That said, I love the idea of mitigating my risk, building a team, and learning on the job by doing a trial run with something that is manageable.

I would love to hear from investors with larger building on this one. Is it worth it to learn slow this way or be patient and jump in with something larger (say 20+)?

Sure.  I have property in Charlotte and interest in Gastonia.

I recently sold a 3/1 town home in east charlotte (28227) that would cover 1% despite HOA. Section 8 tenants in 3BRs under 85 or so should work as a rule. Like I said though, I sold it. Even though the % calculations work, the actual dollar amounts didn't make it a keeper. Happy to provide details.

Thanks Ricardo.  I'll reach out to you directly.

"Team Building" sounds so corporate, huh?  

Anyhow, I am an investor headed to Charlotte on 7/23 & 7/24 from DC to try to network with some pros in the area. I have lived in Charlotte before and still own SFH as investments, but need to "up my game" by getting folks more accustomed to small multi-family (under 50). Btw.. my target is anything within 90 minutes from Southpark Mall.

Brokers, attorneys, lenders (hard money or bankers), investors??  Any contacts would be great!