All Forum Posts by: Percy N.

@Rick Martin when you say "....I could take my gain and invest it into a real estate syndication" do you mean invest alongside the syndication in a TIC structure or are you referring to a DST? Or something else?

Both OH and PA are large states where you can't make broad statements that anywhere in state would be a good or bad purchase.

At least narrow it down to the county if not specific neighborhood.

What has been the population growth? Job growth? Economic outlook?

What is the average economic occupancy of the competing properties? That would be a good start.

@Mallikarjun Reddy Pateel as @Andy Eakes stated, you can look at the different OMs for expenses but sometimes those are projections or proformas from a broker vs actual expenses.

There are report you can purchase for specific MSAs which have data from apartments by vintage and number of units.

All of these should be a guide as the best source would be actual numbers from the seller and then you look for opportunities to improve income and reduce expenses.

Ryan,

       There are tools out there but each have pros and cons.

Have you looked at ProCore? It is pretty feature-rich but if you are looking for something lighter that has team tasks tracking and Gantt chart functionality, you can even use MS Project or something like Smartsheets, Asana or Monday.com

Also look at Rabbet for construction management.

We are owner-operators, but with most of our properties in the South and Southeast states.

@Junard Lane large complexes are unlikely to pay 1 month's rent but may pay 25-50% for "locator services" based on their need.

How much do you charge for a lease lead that converts?

There are apartments that pay for it if they are in "lease-up" mode or looking to maintain high occupancy (either for a refinance or sale) but it will all depend on the quality of the prospects you bring and what you charge.

Call a few apartments in your area and ask if they pay for placement to get a feel for it.

@Justin Goodin, we are doing something similar in another market on a 88 unit property.

Given the strong job growth in our market, we are positioning them as corporate (furnished and unfurnished) rentals.

What is the cap rate in that market for the property class and vintage? 

If you are not sure, ask some commercial brokers who specialize in your market.

@Horacio Gutierrez, are you asking about the closing process?

If so, typically the current lender will provide a payoff letter stating the amount owed to them.

The closing/title company (or in some states an attorney) will escrow the funds from the new lender or sale, pay off the old lender and any other closing costs and then return excess funds. Process is similar to a SFR closing, just more document and people involved.

Hope this helps.