All Forum Posts by: Justin Elkins

Ryan, like most other things this is just a preliminary rule of thumb to help sort through the bulk of properties.  In some areas 2% works in others it will be higher or lower.  If you use this to quickly look at properties it will help you narrow your search.  If nothing in your search area is a 2%er then try 1.8%.  Then make offer closer to your 2%.   Always get the real numbers.

A big thanks for all of the comments,  from the research and contacts that I have made these rents are above average for C class multi.  The constant flow of renters is both good and bad as far as high turn over due to the military base, I definitely agree with that.  (Hill, if you have any good leads on PM in the area I would appreciate those).  (Jordan, buy it right and sell it right, always the name of the game).  I agree with Brian, renters will always be available in Killeen.  If that base closes we are probably having a lot bigger problems than keeping renters.  I will sign contract today.

welcome to the site

First, I would like to apologize. I have been a member for a while now and have listened to all of the podcast but I am terrible at networking and reaching out. (I'll work on it). I am looking at an 18 unit apartment complex total gross rent = $7,015 92%Occ actual NOI $38,722 this is a C class property owner operator and needs no repair. I have had rental property in the past but this would be my first property over 4 units. I am looking to invest in multifamily in Killeen, TX and thought this might be a good first property. Now the bad, I will be using a full time property management company because I live 3 1/2hours away. My preference would be to find properties that need a bit of work but I thought buying a more turnkey property while putting my team together might be a good move. I am just looking for some advice and thoughts. Thank you

As stated above this could be good leaverage on the price or negotiate to add a window at the sellers expense.

With a level, drill, and some cabinets from Lowes or Home depot this is a fairly easy DIY project.