All Forum Posts by: Kevin OBrien

@Andy Jenkins You are definitely correct. I've only been here a few years but know that there are many positive features of the SLC area for investors from discussions I have had. And yes, the lakes and mountains do restrict growth. Very good point.

@Ryan Mertens I know of some value-add investors looking in that area and they really are struggling to find anything. It seems like many groups are looking to place capital in that location. Thank you for your response also.

@Brian Burke Great information there. So the market metrics show that a location like that one is able to support economic growth and have a better future projection for the multifamily properties. I know there have been multiple articles looking at the growth in that area. 

Hi everyone,

I'm looking to see what the trends are in the Salt Lake City, UT market for multifamily apartments. I had a broker tell me that everything is going for 5% cap or lower. Is this your experience in this area? What are some reasons you are investing in this city as opposed to the ones I see so many others in: Phoenix, Tampa, Dallas, etc?

Thank you

Good evening BP!

I found an off-market multifamily property. The owner said that it has been mis-managed by a property management team who was new and were not able to successfully stabilize the occupants and it has been at 50% for longer than the projections and business plan outlined. The owners have had multiple low offers that they do not respond to. The other multifamily comparables are closer to 95% occupied. There is probably no way to get the property based only on the current NOI and market cap rates.

My question is, how would you come up with an offer price? Where would you start with your offer? Would you use projections on increased occupancy and gross revenue? 

@Evan Polaski Thank you for clarifying that. Yes, I was interested in working with an existing operator. From my past careers, diving in and learning to correct your mistakes and stay on course makes a world of difference in progression.

@AJ Shepard Thank for those tips. Seems like some great content from Joe Fairless. Im excited to read this and apply it. ANy podcasts you recommend?

@Marlen Weber Thanks for that. I know from podcasts and books about syndication that even though its a guide, what is currently applied to MF investing can be dated in publications since they take a significant amount of time to actually get to market. 

Do you have any suggestions or resources you recommend?

Hey BP! I was interested in learning more about multifamily investors and read some threads that others have worked with an existing group that is investing in multifamily deals to start learning the ropes.

Can anyone share their experiences with working for a group like this? I was thinking about reaching out to groups like this to get more hands on instead of just videos on what to do.

Thanks as always!

@Kenneth Garrett WOW, thats awesome. How many units was it to cash flow that much in the beginning? I think BP said to try and shoot for $100-150/unit? Correct me if thats wrong.