All Forum Posts by: Matt B.

Just curious, what do you use to do your walk through inspections: paper and clipboard or electronic device such as your phone or tablet? If you use a device, do you use some sort of form/pdf or an app/software? I've always used a clipboard, but would like to start going paperless. Looking at options. Thanks,

How do you reply to sellers, whose homes you don't want to buy? The ones that either respond to your website, or call and leave their property information, on your voicemail. 

Do you always call everyone back? What answer do you typically give, when they want to know why you don't want to buy their property?

Looking for a better reply than "Sorry Mr and Mrs Seller,  your house needs $50k in repairs, but it is only worth $40k all fixed up." Don't want to waste a lot of time with these, but at the same time would like to give some sort of response.

Thanks,

What are people doing about home inspectors, that tear your property apart, when you are trying to sell it? It seems they are continually getting worse, to the point, that they are killing the sale of homes we do. 

Last house we did, we decided to hire a home inspector for the first time, before we put it on the market, to catch items we might miss. We corrected everything he listed. Got an offer on the home and the buyers inspector tore the house apart, enough to scare off the buyer. Repaired all the items that inspector listed. Put it under contract again and 3rd inspector seemed to come up with more items, that the first two inspectors never listed.

We don't mind having to repair items that need fixed, but it would be nice if the inspectors were at least on the same page.  Anyone else have these issues?

I'm not sure where I am going with this, but what are the thoughts on someone having a need for an emotional support animal(prescribed by psychiatric doctor) and carries a firearm?

I'll say I support the 2nd amendment and I also support someone legally needing an emotional support animal. We follow the ADA and FHA rules on emotional support animals, but this just gives us an uneasy feeling. I'm just not sure you should qualify for both and not exactly sure what to do about it.

Please private message me with your email for a property information package.

The Fairview Apartments is a 24 unit apartment community located in Bicknell, IN. 

Cap rate 10%    Cash on Cash Return 21%

It consists of 24 garden style apartments in 3 buildings on approximately 1.59 acres. Built in 1977, the unit mix consists of 15-2 bedroom/1 bath apartments and 9-1 bedroom/1 bath apartments.

The apartments are individually metered for electric.

There is a coin operated laundry room in the building.

Included is an additional office/storage building.

Owner provides street lights/water/trash/mowing.

All apartments have stove and refrigerator.

Onsite Resident Manager.

Upside potential through upgrades, rent increases and increased occupancy. 

No seller financing offered. Cash or new loan only. Serious inquiries only. 

Link to Loopnet Listing

Thanks for the replies. We are wanting to cash out our equity for other projects, so seller financing probably won't be offered. If we wanted to offer financing, we might as well just keep the properties.

We've found Craigslist to be where the bottom feeder properties are and Zillow really isn't geared for multifamily, though we do use it for single family. They were just put on Loopnet a few days ago and have seen some interest. They are priced modestly at a 10 cap. 

I think most people do not quite understand what we mean by rural Midwest. We do not exactly have the options larger metros would have. The nearest REIA is about 3 hours away. Ditto for actual property management companies. Local real estate brokers don't really specialize in selling this sort of property and they are priced under what commercial brokers like to sell. The properties are small enough to be run by resident managers, which is how a regional management company would likely manage them.

We've been mailing to other owners, but still a little early to notice any responses.

Thanks, Matt

We have a few smaller apartment properties(12-24 units) for sale in the rural Midwest. Looking for some creative ways to market them to potential buyers. We have done the Bigger Pockets Marketplace, Loopnet and mailers to similar property owners in the past. 

What are some ideas you have had success, with properties, that you have sold?

We are from the area, so let me give a slightly different perspective. Vincennes is very similar to any small, rural Midwest community. While there is not the variety of amenities that most people from an urban area would enjoy and deem necessary, such as dining or shopping, those living in smaller communities look for different aspects. Think Andy Griffith Mayberry. Low crime, minimal traffic, relaxed pace, low cost of living. Industry is centered around agriculture, manufacturing and academics. Hard working, blue collar families - ideal rental demographics.

As for investing, you primarily invest for cash flow or forced appreciation. Don't expect long term appreciation. At the same time, you don't have to worry about the drops that other markets see.

Hope that helps.

great.  thanks.