All Forum Posts by: Junior Salters

I currently want to get to a place where I am comfortable syndicating a deal and doing the larger multifamily 40 Unit + deals because I do love the sophistication and numbers behind it. But I do want to acquire a 5-12 unit property in the meantime to get my feet wet dealing with some issues on a smaller scale. 

I'm going to reiterate what everyone else is saying and say I think it depends on personal goals and personal preferences, which in the end is the beauty of real estate.

Strong! Keep it going!  Congratulations!

@Jade S. they are all 1 bedrooms (large size rooms and living areas) and well below market I believe with half rented at $450 and the other half at $515. It does need some revitalization and definitely a value add. Just wasn't sure with it coming with such a high price and low cap rate for lower graded property. I am still very much interested but wanted to gauge what others are seeing. What percentage was your seller financing at if you don't mind me asking?

@Jade S. I completely agree. Even with 20% down at 6.5% cap rate this particular deal comes out to be about $60/unit. And I'm seeing that alot of owners aren't necessarily interested in cashflow or either they own it without any mortgage so it cash flows regardless, maybe just not at a high level.

@Jonathan Twombly It is a C property in a stable area near Spartanburg Christian Academy. I've looked at other 4plexes not even five miles down the road around 8% cap but when I run my numbers with conventional financing on this 8 unit it doesn't even hit close to $100/door. Wanting to get into multi family but if this is the current state of cap rates I'm in trouble .

Hey guys and gals, I'm looking at purchasing a multifamily property in the Upstate of SC (Greenville and Spartanburg specifically) and was wondering what other investors are seeing market cap rates at. Had an 8 unit property marketed to me at a 6.5% cap rate which seems very low and isn't even a B or C+ Property. Any thoughts or suggestions would be great! Jr

Thanks for the feedback guys. I think I will try a local credit union whom I bank and get their take and go from there. Looks like it will depend on what bank or credit union I use.

Hey guys and gals, Quick question: I'm looking at purchasing 3 duplexes in my local area, would this still be classified as a conventional loan or commercial?

Former wholesaler now Buy and hold investor in the upstate (Spartanburg, Greenville, Rock Hill). Hey everyone!

Mario Brown congrats on the Spartanburg prop as well. Yes, let's link up soon!