All Forum Posts by: Robert Rixer

Don't get caught up in unit counts. Unit count is mostly an ego thing. When starting out, you need to be looking for the absolute best deal you can get your hands on whether it be a SFH or duplex, triplex, etc.

@Joshua Christensen Coincidentally I met the managing partner of Infinite Capital, Javier Pineyro last week for coffee. I can't speak to the fund or firm itself, but I found Javier to be an upstanding guy.

It depends what your goals are, but I'm inferring that this is a comfort/long term investment as opposed to a quick flip. In which case you are likely better off going to forced air.

My question is, what are you taking to be market rent? If 85% of the units you are looking renting for around the same rate, surely that is a good indication of market rent. I'm not saying you're doing this, but people will often make the mistake of looking into the highest priced rental unit and making that the "market rate" but it's often not a true comparable to the subject.

Yardi, AppFolio and Buildium are the most commonly used on larger portfolios. They each have their own pros and cons. I personally use Buildium but I'm always looking out for new features and pricing models from the others.

Rule of thumb is: 

Red states = landlord friendly

Blue states = tenant friendly. 

Hope this helps.

Pre-offer, it's reasonable to expect to be able to get a rent roll and answers on any recent improvements. Property taxes are public record and insurance would be specific to you, so you can kill a lot of those questions. Everything else would be up to you to underwrite.

Not a course, but I recommend the book "Crushing it in Apartments and Commercial Real Estate" by Brian H Murray. It's an easy read and very real-world. Good luck

Leases have to be honored so you'd either have to wait until the end of the lease or offer "cash for keys" to get them out. It depends on what upgrades you're planning to do, but in most cases you have to wait until the tenant vacates. Live in renovations for something like a kitchen or bathroom upgrade are possible but messy.

First of all, congratulations on having the liquidity - it's a great problem to have. Many good responses already. I'll add that for the cash option, you'd need 8-10% cap rate properties which, even in the Midwest, will likely be older Class C/B- product where there is greater risk of higher maintenance and delinquencies versus newer/nicer builds. So your odds of reaching that 8-10% CoC potential is possible, but tougher. Property management execution is key. Best of luck!