All Forum Posts by: Jacob Marble

We're going to close a sale on a 10 unit building in Missouri in about two weeks. The buyer is asking for our tenants' SSNs, phone numbers, etc. My property manager says it's illegal to share, and refuses to comply. I feel stuck in the middle, just want the buyer to get what he's paying for.

What's the right answer? I don't think I've ever been offered tenant personal information when I bought. New management needs to write new leases anyway, right?

Hey Joelle-

I have three larger multifamily buildings in Dutchtown, and I live in Idaho. I get my financing from US Bank. You'll need at least 6 weeks to close, but they are very easy to work with over the phone and email. Rates are competitive.

These are "commercial" loans, meaning 5 units or larger. I don't have any advice for "residential" loans, 4 units or smaller.

Hey Michael-

I love Dutchtown. Find a good property manager, it's not easy to keep the vacancies filled.

Check out this thread:
https://www.biggerpockets.com/forums/707/topics/53...

I don't anticipate appreciation in this neighborhood, there are so many vacant buildings that will keep prices as-is for a while. I focus on cash flow only.

What is the address of the property?

@Derek Petersen I have used @Peter MacKercher as my agent to buy two multifamily properties in Dutchtown. He works hard for his clients.

Yes, that's my neighborhood. I'm on the same street, in fact. Lots of people look past this neighborhood, with good reason, but I love it. Here's some positive activity going on in the neighborhood:
http://www.stltoday.com/business/local/chippewa-pa...

Real estate agents will mention Tower Grove, to the north, and point to Dutchtown as "path of progress". I focus on cash flow, not appreciation, so it's not important to me.

Agents and property managers tell me that they wouldn't even visit Dutchtown 5 years ago, but now it's very safe. My property manager is female, spends all day in the neighborhood.

I assume the property you are looking at is a SFR or duplex? Mine are 1 bedroom apartments, they rent for $450/mo, $500 if I'm patient. Should get more for a SFR or duplex.

The buildings are *old*. I recommend a complete inspection, it's sure to be eye-opening, but don't plan on fixing everything at once.

It's easier to fill vacancies if you install central air.

What is the condition of the property? "Turn-key" or "needs rehab"?

Hey Rochelle! Can you define South City? I have a couple of multifamily properties in Dutchtown, managed remotely.

I'm a remote multi-family investor. Currently, I have two properties in St Louis, MO. I'm looking for another city for my next investment, currently researching Columbus. I understand that it has:
- strong, diverse economy
- midwest cap rates
- big university

Tonight I'm looking at the MF properties currently listed on LoopNet. How would you classify these neighborhoods in terms of occupancy rates, growth, etc?
Hilltop
University District
German Village
Near East Columbus

Any other areas I should get to know?

Thanks!

@Kyle Eckert I'm interested to see how this goes for you. I believe I found the city's info site:

https://www.stlouis-mo.gov/government/departments/...

According to that link, there were about 600 properties available at the 13-june auction. That's a lot of homework, I might start by plotting them on a map and then carving out the areas I'm most interested in. Fun project, I love building this kind of database. There might be an opportunity in just compiling all available data for potential bidders.

What kinds of prices did these properties go for?

Sounds like the buyer assumes the overdue taxes and also any liens. I also assume that the potential buyer doesn't get to walk the interior of the property before bidding (safe to assume that most of these need a total gut anyhow). Sounds like the normal REI homework isn't the hard part here.

What other risks should be considered in these transactions?

Thanks for all the tips!

I'll start calling brokers directly today. I posted a Craigslist ad.

I want to get out of the deal because I can't find solid numbers on repair cost and how those repairs would improve rent value. Other deals that I have found in other cities have better returns and I have found the right professionals to assess things in those towns.

I have a property under contract, it's 12 units and probably a good deal for a local investor, but it's remote to me and I have decided I don't want it. The problem is that my due diligence period has expired and I don't want to let my EMD go (I put more in this one because the market is competitive).

So what are some ways to find a new buyer to assume the contract?

• I posted on the BP marketplace.
• I have asked my agent to tap his network.
• I contacted a few investors (local to the property) that I found online.
• The seller isn't interested in resetting the contract for another investor, wants me to simply assign the contract to someone else. If not for that, this would be over.
• So far, I have chatted with about 3 interested investors, one did his due diligence and passed.

What other ideas do you have? There should be buyers for this property, I know because I was outbid on several similar properties before getting this one.

Obviously, next time I'll keep a better eye on the clock. This is a mistake I hope I'll never make again.

Thanks!