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re: Thinking of buying an apartment complex
Posted on 5/27/24 at 9:06 am to slinger1317
Posted on 5/27/24 at 9:06 am to slinger1317
quote:
20 units in Walker that I’m looking to sell.
why do you want to sell?
1
Posted on 5/27/24 at 9:55 am to Fat Bastard
quote:
20 units in Walker that I’m looking to sell.
I moved about an hour away and am focusing more on properties closer to home. Plus my kids are older and are busy with sports etc and just don’t have as much time to devote to managing them. I handle maintenance etc myself
Posted on 5/27/24 at 10:39 am to slinger1317
Posted on 5/27/24 at 3:12 pm to slinger1317
What year build? If you'd prefer to share via email, my username @gmail.com
This post was edited on 5/27/24 at 3:13 pm
Posted on 5/28/24 at 1:59 pm to SlidellCajun
quote:
Is it currently listed for sale ? If so, how many days has it been on the market?
Yes, listed and on market for 223 days. That part seems suspect to me but waiting on broker to provide disclosures, rent rolls, and other details before making an assessment. I’ll share listing on here in next couple of days if I’m not moving forward.
Posted on 5/29/24 at 1:52 am to TunaTrip
I’m a commercial lender in Baton Rouge
I can help you come up with some creative financing for this
Email me at bankerdude12@gmail.com
I can help you come up with some creative financing for this
Email me at bankerdude12@gmail.com
Posted on 5/30/24 at 8:24 pm to TunaTrip
quote:
hat part seems suspect to me but waiting on broker to provide disclosures, rent rolls, and other details before making an assessment.
The devil is in the details on these larger units. Trash/dumpster pickup, general electricity for security lighting, high liability insurance apart from the dwelling/structure insurance, etc can hit you for a few thousand a month quick. Make sure you comb those numbers hard and still don't trust them.
Posted on 5/31/24 at 1:54 pm to southside
Posted on 5/31/24 at 4:11 pm to TunaTrip
Did you get the rent rolls and 2023 P&L?
Posted on 5/31/24 at 5:07 pm to TunaTrip
Insurance situation has to be at least part of the explanation here, right?
Posted on 6/1/24 at 6:20 am to I Love Bama
quote:
Did you get the rent rolls and 2023 P&L?
Yea but signed agreement not to disclose. I’m under impression there’s an offer on table. He’ll let me know if I can proceed, but in meantime, I believe it’s a little too big for my first MFH anyways.
Posted on 6/1/24 at 7:06 am to Big Scrub TX
quote:Very much so, and balloon loans are hitting their due dates and will likely be doubling their current rates at refi time. Properties like these are hitting the market more frequently than the past.
Insurance situation has to be at least part of the explanation here, right?
Posted on 6/1/24 at 7:08 am to TunaTrip
Ignoring the fact the housing market is about to progressively crash over the next decade after S.3402 passes, aka you'll be going in debt for a few million @ ridiculous rates on a property with steadily decreasing rents, just LOL @ owning an apartment complex in general. I'd suggest buying a few single unit rental properties first and seeing how many headaches pop up over 10 or so years. And then multiply that by how many units the complex has
This post was edited on 6/1/24 at 7:14 am
Posted on 6/1/24 at 7:31 am to Lolathon234
Problems are actually less once you hit the right economies of scale
Posted on 6/1/24 at 7:46 am to I Love Bama
That's not how that works. The more tenants you have, the more bullshite you deal with. I.e. rent collection, maintenance expenses, destruction of property, prohibited pets, feuds between non-cohabitating tenants, noise complaints, drug use, etc., with legal and marketing costs going parabolic to cover up/make the issues go away. What percentage of renters are "ideal" vs those that are an absolute disaster that make the income not worth the headache? I'd lean towards the latter being more common, even when filtering for credit. Assuming that's true, each additional renter increases your potential exposure to the latter
This post was edited on 6/1/24 at 7:53 am
Posted on 6/1/24 at 8:19 am to Lolathon234
Ah thanks. I can disregard my almost decade in the biz and my monthly dinners with other owners who own thousands of units :lol
All of the items you are describing are management issues. Your on-site management deals with all this as opposed to single family where you the owner are probably getting these calls.
Do you think the front office at a multi-family REIT has ever gotten a call about the things you list? Of course not.
All of the items you are describing are management issues. Your on-site management deals with all this as opposed to single family where you the owner are probably getting these calls.
Do you think the front office at a multi-family REIT has ever gotten a call about the things you list? Of course not.
Posted on 6/1/24 at 8:32 am to I Love Bama
LINK
he generalizes. i rebutted him the other day. see link above. not sure who this clown is. never seen him here before. sounds like he got his arse owned in a bad deal and did not know WTF he was doing so now is mad. He shits on SFH in link above but likes MFH. now? he is shitting on apartments. now he crawfishes and goes back to telling guy to try SFH. LOL.
right just listen to this shorthorn bozo.
nope. i have PM for my SFH and MFH. but i get your point on apartments. This clown thinking apartments are bad is just laughable. like in myu thread above it all depends HOW YOU BUY. Let him tell that to all my colleagues doing well with them. you and I both know the problems involved in RE.
this dude is all over the place with irony and doomsday scenarios. my rents are so high even with a crash i will still cashflow even if i had to lower them some. which i doubt happens. Then i will scoop up more at cheap prices.
he generalizes. i rebutted him the other day. see link above. not sure who this clown is. never seen him here before. sounds like he got his arse owned in a bad deal and did not know WTF he was doing so now is mad. He shits on SFH in link above but likes MFH. now? he is shitting on apartments. now he crawfishes and goes back to telling guy to try SFH. LOL.
quote:
Ah thanks. I can disregard my almost decade in the biz and my monthly dinners with other owners who own thousands of units :lol
right just listen to this shorthorn bozo.
quote:
Your on-site management deals with all this as opposed to single family where you the owner are probably getting these calls.
nope. i have PM for my SFH and MFH. but i get your point on apartments. This clown thinking apartments are bad is just laughable. like in myu thread above it all depends HOW YOU BUY. Let him tell that to all my colleagues doing well with them. you and I both know the problems involved in RE.
this dude is all over the place with irony and doomsday scenarios. my rents are so high even with a crash i will still cashflow even if i had to lower them some. which i doubt happens. Then i will scoop up more at cheap prices.
This post was edited on 6/1/24 at 8:50 am
Posted on 6/1/24 at 8:51 am to Lolathon234
quote:
Lolathon234
Posted on 6/1/24 at 9:31 am to Lolathon234
quote:
I'd suggest buying a few single unit rental properties first
I’ve been in SFH for 14 years now with the first 10 being slow growth. Lots of headaches until I transferred over to PM after getting 10 doors. I’m ready to scale continuously now but considering MFH/Complexes as well.
Don’t want to bite off more than I can chew so I’ll probably continue with smaller investments for now.
Posted on 6/1/24 at 9:36 am to TunaTrip
sounds like you have experience. that is HUGE.
now you know. make sure the damn numbers are all right prior to buying ANYTHING. know your numbers. if they are not at what you want you walk away.
now you know. make sure the damn numbers are all right prior to buying ANYTHING. know your numbers. if they are not at what you want you walk away.
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