All Forum Posts by: Chase Leavitt

Thank you Ryan for your response! Yes, hurricanes is something that will be new to us and need to factor in. Thanks for pointing that out and giving us some key indicators on what to look for. I appreciate you taking the time! Much appreciated

Thanks for taking the time Shawn! I appreciate your response and feedback especially as an insider to that market. I do agree that it's important to understand what is currently in that market and what's coming in. Happy to keep you updated as things progress. Let's be sure to keep in touch! 

Thank you Kim for your response! A lot of great feedback which is much appreciated. I'll start to dive into what you've suggested to see what I can come up with. Thanks for giving me a great starting point. 

 Thank you Devin! I appreciate your reply. I am intrigue on what KPIs you would be willing to share. I'll DM you. Much appreciated 

Hey Everyone!! 

The group I work with (FIG) has been doing build for rent fourplex, triplex and duplexes for the past 10+ years in UT, AZ, ID and TX. 

We have just started talking about expanding into Florida. For those that know the Florida multifamily and rental market what cities should we be looking at going into in Florida and why? I would love to hear your feedback!! Thank you!! 

What's everyone seeing for cap rates in 4-plexes in Phoenix, AZ. now? Just looking for an update. 

Also, does any know what the tax rate would be on a 4-plex in Phoenix? I've looked all over and can't seem to find a straight answer. Not sure how accurate smart asset is when it comes to property taxes.

Hi @Marco Parisi! Thanks for reaching out. Most of what I've purchased is usually off market. Here's what I've purchased so far and when. 

1. Vineyard, UT. 4-plex in 2015 for $600k 

- It would resell for $865k

- $2k of monthly cash flow after ALL expenses (PM, Taxes, HOA, Insurance, etc.)

2. Vineyard, UT duplex in 2015 for $300k 

- resold that unit before it was finished for $419k and rolled into a 4-plex. 

3. Eagle Mountain, UT. 4-plex in 2017 for $650k

- It would resell for $845k

- $1,650 of monthly cash flow after ALL expenses (PM, Taxes, HOA, Insurance, etc.)

4. Herriman, UT. duplex in 2018 for $410k

- It would resell for $495k 

- $375 of monthly cash flow after ALL expenses (PM, Taxes, HOA, Insurance, etc.)

5. Magna, UT. duplex 2019 for $410k 

- It would resell for $490k

- Construction starts September 2019 and should be finished next year 

In 2020 I'm hoping to get 1-2 more 4-plexes along with a couple more duplexes. I'm eyeing projects in Boise, ID, AZ and UT. I'm currently just in the smaller multiunit realm but at some point I'll venture into some larger apartment deals. I've kept things pretty simple with numbers and requirements that I look for when it come to what I make move on. 

- Everything I have is newer. I'm open to older stuff but newer has been a big win for me. Less maintenance and headache. I don't have time nor do I want to spend extra money on repairs.

- At least a 6.5%+ cap rate 

- Needs to cash flow after "ALL" expenses. Assuming 75% LTV

- Key indicators to look for: Population Growth, Low Vacancy, Landlord Friendliness, Rent vs Own Affordability, Annual income averages, Proximity to Economic Districts. 

- Value add or some sort of equity play. 

I hope this helps! Feel free to reach out to me directly with any further questions. I'm happy to chat or help in anyway. 

Utah, Idaho, Texas and Arizona. All off market new construction multi-units. Cash flowing $800+ per a 4-plex after all expenses. (PM,Taxes, insurance, etc.) This is assuming 25% down.  

Hi @Braden Anderson! I'm an agent and investor in this area. I represent a builder that builds off market multiunits (4-plexes). I have a good grasp on the investment market in this area when it comes to investment properties such as single family and smaller multiunit. My wife and I own two 4-plexes (Vineyard and Eagle Mountain) and two duplexes. I'm always open to connecting with investors close by. 

I think it all depends on the location and what someone is willing to pay for it. If I read correctly this piece is located in Nampa? I'm an agent with FIG and we presale projects, 100-300 units, to investors. We found a lot of success with breaking them down into 4-plexes, triplex, and duplex. We are currently selling projects in Magna, UT. as well as Meridian, Idaho and soon to be Nampa. Yes, you do need to have the marketing and pipeline to sell them off as 4-plexes versus the entire project. If you can sell the entire project off for the price you are looking for then it could be a lot less headache and something to consider. It all comes down to what someone is willing to pay for the entire piece versus what it would sell for if you sold as 4-plexes. Feel free to call or reach out to me if you'd like. I may be able to give some additional in site here as we are currently launching in that market. Last thought; the tax write offs with keeping properties can be very beneficial when done correctly. Keeping it might not be a bad idea either depending on your situation. Either way congrats! That's exciting stuff for you!