All Forum Posts by: Scott Price

Hi @Wendy Carpenter, I agree with the folks above regarding the Fannie/Freddie options.  I am currently getting one of those loans for one of my properties, for instance.  However, if you have special turnaround/value-add situations such as very low occupancy, significant rehab, unusual situations, etc. then sometimes you will need to first go through another flexible lender and then perhaps refi into a Freddie/Fannie loan.  Depends on what type of property you are looking at.  I have contacts for all of those types of loans, so PM me if you ever have a specific situation where you need a referral.

Hi @Brendan Johnson,

Welcome to BP.  Good to hear about your interest in local markets.  I am an active buy and hold investor on  Whidbey Island (and other markets).  I own properties in various towns on the island (including Oak Harbor).  Hopefully we get to meet sometime soon at a local Meetup.

Best Regards,

Scott

Welcome, Wes, after stepping out on the forum. I own multi-family, SFR, and office buildings in Oak Harbor plus other Whidbey Island towns, other off-island Washington markets, and a bit out of state too. Perhaps we can catch up next time you are in town.

Scott

Thanks for the inputs, everyone.  I fully understand that we are investing in the property as owners.  Just looking for someone who can provide recommendations and help the process along, besides the standard maintenance and accounting basics.

Hi, I own an apartment complex in the Midtown / Medical District area and am looking for a property management company with a clear demonstrated track record of taking a decent property up to a higher level in terms of tenant base, rents, and re-positioning recommendations/projects.  It is currently a C property with range of tenants and in good basic condition.  Its location plus layout creates a currently unaddressed potential for up-leveling.  Thanks for any recommendations, either in the thread or via PM!

I just encountered this issue in Memphis, where taxes are very high.  Buyers need to include a large tax line item in their due diligence process, and most proformas are unrealistically low as usual (especially if there is any likely post-purchase re-valuation by the Assessor).  After purchase last year, my 40 unit got re-valued (to still less than actual purchase price, and after an informal appeal since they used some incorrect data).  The local triple whammy combination of Memphis tax, Shelby County tax, and excise tax comes to about 3% of purchase price and over 16% of total gross income.

Welcome, Jay!  I'm an active Whidbey Island investor, so welcome to both real estate investing and the community.  If you can find the right land at the right price and also reasonably priced reliable building contractor (many are busy now), your preferred build to rent approach can be an interesting option.

Scott

Welcome to the BP community, Brian.

I live on Whidbey Island and own investment properties in Oak Harbor among other locations.

Continue learning on BP as you ramp up on your transition to multi-family ownership!

Scott Price

Hi Jennifer,

I am interested in buying apartment complexes in Lubbock. I would need a good property manager. Would you mind sharing the name and contact information for your property manager?  Also, if you know of any realtors that specialize in selling apartment complexes to out-of-state investors, I would really appreciate a recommendation.

Thank you

Hi Michael, if in your travels you ever come upon solid cash flow multi-family (not SFR) in Memphis, let me know. We already own multi-family in Memphis and are actively looking to purchase more.