bigger units for people relocating might have higher demand but only in some areas.  

I’m currently looking to make my first investment in a multi-unit residential property.I’d love to connect with fellow investors and experts to learn and share experiences.

If its not clear then you should expect challenges continuing to absorb the unit during the course of ownership.4.

My wife Andrea own over 100 rental properties in Metro-Detroit...We chased this 16 unit down for TWO YEARS before finally getting the owner to sell it to us back in 2022.It had A LOT of work that needed to be done:- Tenants weren't paying rent on time or at all.- Units were completely outdated and had deferred maintenace.- It needed a community face lift and re-brand (was called windmill apartments....yuck.)We came in and strategically worked our business plan:- We upgraded the exterior including fresh paint, signage, and landscaping.- We removed delinquent tenants and changed the community standards around to provide a safe and clean place of living.- We've upgraded 75% of the units with fresh flooring, paint, cabinets, countertops, and appliances as needed.When we took over the property the 16 units were producing around $9000/month in gross rent.I just checked our rent roll today, and we just crossed $17,000 in gross income monthly!

Tonight is the night, after months of work with the state, county, and city we are presenting a site plan for the city's approval and zone change.Normally, I would not pursue a zone change but when I originally went to the city and proposed storage units based on its current zoning they said they wanted more houses.

We are looking to have off street parking available at all of our units but a couple of them will require adding a parking pad and will be a significant expense, so I was curious to see how important that will be to guests.

About two thirds of the way through the lease I accompanied a repairman into the unit.

This criteria is for 1-4 and 5-8 unit programs.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Valuation for Property Management 3X to 5X Seller Discretionary Earnings or 1X to 1.5X Annual Revenue, depending on how well established the brand and reputation is in the market, market share, number of units, scalability, etc...Transaction Structure, never buy a Property Management business for cash,  you must include an earn-out structure or provision to protect the purchase against clients/property owners leaving post-transaction.