All Forum Posts by: Josh Oaten

@Ryan Meggison

We underwrite using Google Maps, as the first thing we look at is the area a property is located. Some of the basics include:

• Major developments
• Big Box stores, major shopping
• Hospitals
• Education Facilities
• Comps
• Crime (Mainly shootings)
• MHHI

Check out @Omar Khan BP Blog on using Google Maps to underwrite

https://www.biggerpockets.com/member-blogs/10776/79833-underwriting-the-google-way-building-maps-not-numbers

@Ryan Meggison

First must fit:

100-200 units

B/C class value add

1975 + vintage

10-15 % below market rents

$10-$20 million

And be in a strong area as of our google mapping tool

We offer investors:

CoC - 8-10%

IRR - Mid Teens

over a 5-7 yr hold period with a min 1.25 DSCR

@Dan Shelhamer

I have been told that Crowdstreet is a good platform but I personally dont have any experience with it. I assist a firm that acquires 100-200 unit building. We are actively expanding into Phoenix and would be happy to talk with you more on this. Let me know

@Milla McCammon

MHPs are classified as multifamily. Sometimes on websites like LoopNet there is a drop down you can hit with sub categories where you will find them.

@Vlad Denisov

Here’s the thing, I agree that there is a recession on the horizon but no one can predict when. Great investors are able to invest in all market cycles! For all you know, you could be sitting on the sidelines waiting for a recession with no property, while in the 5 years I have hit my 1000 unit goal.

@Kevin Scanlan Jr.

You need to start building a relationship with commercial brokers for this. Most of what you will see on the MLS has already been passed on by investors that see these deals before they go to market. So yes you are correct, they don't make sense.

Find some good brokers in your area and build a relationship, and by that I don’t mean take them out to coffee and that crap. You give them business they will provide you access to better deals.

@Adam Philpot

I would say skip the websites entirely. Most of the properties you see on there are usually duds that investors that are in with the local brokers have passed on. I would recommend building a really strong relationship with a few local brokers for off market deals or at least first view of new deals.

@Justin Goodin

PM me and I'll go through it with you

@Tyler H.

Phoenix, Arizona is great market for multifamily investors. 

- 7% rent growth,

- top 5 in job growth 

- Massive population growth due to Californians making the move here

- Low cost of living 

and Phoenix is coming along as a completely evolved and new city to what it was back in 2008. 

@Miled Ellis

Reach out to @Omar Khan, he recently purchased a multifamily property in Jacksonville and may know of some good quality property managers out there