All Forum Posts by: Colby Fryar

I am brand new to multi-family investing and  am currently working with an owner to buy a couple of his properties.  I am interested in Seller financing both of them and I think he is as well.  What are the steps I should take to get the process started?

Good to know- thanks.

@Account Closed yes mine was turnkey-  although I have never liked that term.  I know that nothing is turnkey.

I just bought in the Sandhurst Park area south of Huntsville-  when I purchased, I was led to believe that it would be a good rental for contractors working at the base or a military family, but I ended up getting a Section 8 tenant- .  Is this area known for Section 8 tenants?  I'm just wondering whether or not to hang on to this property or cut my losses. 

Thank you all for the posts-  I may be needing a new PM here as well.

@Giora Sela-  I am currently doing the exact same thing.  I would recommend searching for duplexes and apartments that are for rent on Craigslist then go to the map on Craigslist and avoid the big numbered locations-  those are likely commercial apartments.  Look for the single digit locations- or slightly bigger and those will usually be mom and pops for rent. If the number is the property manager's I would not bother with that.  Go directly to the County's GIS site or assessor map and find out who the property owner is and get their number from a free site on-line.  I have made some good contacts/relationships with owners and brokers/agents that focus off-market.  I have also had luck driving by the smaller multifamily that are for rent and calling them up as long as they are not property managers.  Nothing bought yet but tons of contacts made and a few offers put out.  Good luck.

Thank you-  I will check that out.

I am also looking at multiunit student housing in Tucson.  A good rule of thumb for me has been monthly rent/price ratio of at least 1.0.

Have you attended any meetups?  You might start there, although be ready for a sales pitch depending on which one you go to.   Like you,  I am looking to connect locally with multifamily investors here in Tucson.  Good luck.

I have been looking at the Lubbock market as well. I noticed another one-bed west of Ave Q with supposedly higher rents.  My concern was the 1 bedroom since it was farther away from campus.