All Forum Posts by: Connor E. Giavasis

Hello all, so I'm finding that what looks like an easier way to get started in this world is to go to the areas no one else is willing to go. I keep hearing the term "slum lord" in reference to people who own multiple properties in these types of areas. My question is, why is it such a bad thing to own property in these rough areas if you can find the deals there? Am I misunderstanding the term "slum lord"? 

Your numbers helped for sure, the biggest no go for me was the sellers lack of flexibility. I'm wanting to do a multi unit in my town, Lawton Oklahoma. With it being my first time I want to be able to closely monitor it. The management company has a few properties for sale so i'm actually looking into them more. I need to find a really solid deal to bring get my wife on board, lol. 

So I did some digging and found out the property taxes last year were $642. The seller in very firm on his price which is why it hasn't sold. The area is rough and there is a condemned house right next to it, so close that I called to see if it was part of the sale, it isn't. Tax records show the guy is an out of state investor with 16 other properties in my county. Also the property management company that runs the unit charge $200 monthly to manage the property. Long story short I don't think is shaping up to be a good deal.

Hello all,

       So this is the first property I'm attempting to analyze. I'm nervous about falling into analysis paralysis and missing out on a good opportunity. I would greatly appreciate some experienced opinions on the matter. It's a quadplex that is currently fully occupied. The owner is wanting to change areas they are investing in and is choosing to downsize their portfolio. The units are roughly 500 square feet  1 bed, 1 bath that are all tied on the utilities so the current owner covers the utilities as part of the lease agreement. Each unit rents for $350 a month with total cost of utilities coming from the units being between $200-$250 a month when fully occupied. The Building is located walking distance from a college campus so the current residents are students and the main customer base will be students. One unit has a gas water heater that has been recommended to be upgraded to an electric one for ease of utilities. The current owner also handles lawn care which I would be happy to take over on my own. I would not be moving into any of the units and will manage the properties myself. The owner is asking 145K for the unit but it has been listed for almost 6 months. What do you all think would be a good price to make this deal work?