All Forum Posts by: Christopher Morgan

Hi BP,

I mainly focus on underwriting deals of smaller apt. complexes (12-24 units). Recently I was offered a partnership in a construction opportunity to build a net new 40 unit apt complex & first floor retail with a construction partner. My first step is to do a market snapshot of the area's current apt inventory, pricing, absorption, trends, etc. to get a better understanding of whether or not this construction project will make sense for the area and thus be profitable.

My problem has been finding good resources for apartment data (let alone retail) for the area. I can find historical housing data but nothing for apartments other than average and median rent per square foot. Does anyone have any good and relatively current resources that I can use to make a more educated decision in regards to pursuing this project? Thank you, any advice will be sincerely appreciated!

Thank you all for the guidance and advice. I am finding my shopping experience to mimic exactly as the thread notes. The most helpful inputs are the property management company and also local associations. A lesson for me was discovering that once an agent forwards a property's application to carriers, other agents are occasionally blocked from submitting that same property. While I understand the purpose and efficiency of that, it is unhelpful if you find yourself with an agent whom is not a good match for you. 

This lesson, along with what @John Mocker mentioned about only certain carriers serving commercial markets has been very helpful. I will DM those on the thread accordingly. Thanks again!

Hi BP, I am shopping for property insurance for a 26 unit apartment building in South Carolina. I am an out of state investor using a trusted local property manager. Curious about how landlord insurance is different from 3 families (my sweet spot) versus larger unit buildings. Thank you for any assistance!