All Forum Posts by: Devin Woods

Rob, This is probably more common than you'd think. One reason people are not able to show their statements, is they didn't do a good job at tracking them. This is especially the case with smaller multifamily and SFR owners who are not necessarily very involved in doing this. The smaller multifamily buildings are generally pretty easy to verify. I'd just analyze the property as you would if it were vacant, and use the area's rent rates for that type of unit. Then identify the utility situation, split or not, and contact the utility company to receive the expected costs, if you aren't sure how to estimate these. Remember, information provided by sellers should always be verified anyway, so them not disclosing shouldn't impact your analysis that much. Again, this is only for smaller multifamily homes, not apartment complexes.

@Mark OGara,

I do for a few of my properties, mainly the recently purchased ones. 

Originally posted by @Mark OGara:

@Devin Woods  Hi Devin and thanks for the note.   Where are you buying in the Pittsburgh market?   We have looked at properties in Butler and have not found one we like - either from a location or numbers perspective.

 I did actually buy my first multi in Butler. Recently it's been in south hills, Brookline and Beechview. 

Ian Hoover

Welcome Mark. I have looked at many multifamilies in those markets. So far I've always ended up buying elsewhere, but it's definitely a good rental market.

Zeke, I would agree that having the right property management in place is crucial. Another option you could look into would be to partner with an experienced investor, especially one who has succeeded in managing multi families in the markets you're looking for. If you buy large enough, you could even hire an onsite property manager instead. You would get more benefit from this scenario because the limits of service a property management company provides. They don't do much in terms of being proactive, or increasing your value by lowering expenses or increasing revenue. They pretty much just collect rent and react to situations if they arise.

Welcome Mike, best of luck to you and your wife as you get started.

Welcome Michael, Congratulations on getting your realtors license!

Hi Sid, Pittsburgh is a great market for cash flowing real estate. I wish you the best of luck in getting started. -Devin

Hi Peter, Best of luck to you, hope the investing goes well. -Devin