All Forum Posts by: Erin Auman

@Erik M.

I haven’t been able to find a good phone number for the owners, or I would just call. I didn’t know if it was okay to just say, “hey, I want to buy your apartments,” but I guess that’s what I’ll do, but maybe a little more eloquently than that. 🙂

I have a potential lead on a 24-unit apartment complex, and I want to send a letter to the out-of-state owners, but I’m not sure what to say in my letter. This is my first foray into larger multifamily, and I’m feeling a little out of my comfort zone here. Any suggestions?

I suppose it all depends on which philosophy you follow. Dave Ramsey would say pay it off. Robert Kiyosaki would say invest in something that could pay it off for you. I tend to be of the latter camp, but that’s just me.

@James Dickens

I got the address from the tax assessor, but it is listed under an LLC, so I don't know any names. I'm guessing the skip trace would provide that, too? Do you recommend any companies or websites to do the skip trace?

I have a potential lead on a 24-unit apartment complex in my metro area. According to the tax assessor’s website, the current owners are out-of-state. So far, I’ve only dealt with smaller properties and local owners, so I’m not sure how to proceed. I’m not sure how to crunch the numbers on a multi-family of this size, and I’m not sure the best way of contacting the owners. Any advice is appreciated! If it turns out to be a workable deal, I would also be needing to take on a partner or partners.

@Rivy S.

I build in similar percentages for expenses, but I still want a minimum of $200 cash flow after all that is taken out. That’s a reasonable number in my markets.

What’s the best way to deal with hoarder tenants? We’ve already started the eviction process because they haven’t paid rent. We did an inspection today, and it’s much worse than we thought. Should we contact any other agencies, like Health and Human Services or the Department of Families? Or just deal with cleanup after they are finally gone?

@Tyler Gibson

My goal for the month is to analyze one property a day—that would be a lot to spend on properties I’m not even going to move on.

@David Robertson

Thanks! That is very specific and actionable information—I appreciate it!

I have set myself a goal this month of learning how to analyze deals well. One thing I am currently struggling with is ARV and estimating rehab costs. I have an agent who can pull comps for me, but when the comparables deviate from the subject property, I'm not sure how to make accurate adjustments. I also don't want to waste a contractor's time walking properties that I know I'm not going to offer on during my learning period, so are there any good rules of thumb for estimating rehab?