All Forum Posts by: Robert Freeborn

@Chris Seveney You're probably right. But just because it isn't right for me, doesn't necessarily mean it won't be right for someone else. 

Thats part of why I posted it on here. If other investors see this as a good possibility, then maybe I can tie it up and whole sell it. 

But I don't even know if 17k would be considered a worth it for this large of an investment. Can anyone offer advice on that question?

@Jonna Weber I just sent you a short message. If you'd like the details I can send them when I get home tonight. I'd really appreciate any insight you would be willing to offer. 

@Natalie Kolodij Thank you. I''ve heard tos about the development down there, and it is exciting. Could you pm me the group info? I work in Anacortes, so I might be able to do an evening meeting after the branch closes. 

Hi BP. 

I'm looking at several apartment buildings for sale in Idaho next to a major university. I received some initial information about a complex, and I'm trying to decide it is worth a second look.

It is an 12 unit building, 11 are rentals and 1 is a live in manger required by the university. The asking price is 1.25 mil. NOI for last year was 70,000. After mortgage service, with 25% down, yearly profit is 16,300. This comes out to $131 a unit per month (not including the managers unit).

The university has 3 semesters a year, and a 7 week summer term. Students are required to live in approved housing. The university has just announced some expansion. The property is located, literally, across the street from the campus core.  It is an older building, 1968, but has been kept up. The owner is renovating the kitchens this summer, and expects to raise rents by $50 a student per semester. The building has 4 students in each unit, 2 per room.

I've seen numerous times on this site that many investors want to see $100 per unit per month for their investments. This seems like a lot of money to tie up for a low profit. But maybe i'm too inexperienced to realize a good deal when I see one.

My question is, does this look like it has potential? Is it worth the time getting more information?  (Paying it is an entirely other issue.  However, the owner is willing to have someone assume the loan (if his loan permits.), but I'd likely have to get a partner for the down payment, or just wholesale it to someone.)  Any and all advice offered would be welcomed and appreciated.

@Steve K. - Good to know. Thank you!

I'm looking into this myself. I'm going to post a bout one's particulars to see if someone can help me analyze it.

@Matt Roach Do you have experience with new investors from out of state? I'm looking for opportunities for my parents, who already have some property in TX. We're open to exploring new markets for the right opportunities.