I am very selective at this point in my career!
Any deal must fit my 5 point Buying Criteria:
1. Location, Location, Location
2. How the property is situated within the “right” location
3. Floor plans
4. Building quality
5. Amenities
Location, Location, location is timeless in Real Estate. It doesn’t get simpler than this.
I like buildings, parking areas and the general foot print to have a “flow”
Driving into the parking lot and entering the building must be comfortable!
Apartment buildings differentiate from other properties based on the entrance into a building and the hallway leading to the apartment. The apartment floor plans should have spacious rooms, closet space, and a proper “flow” that is attractive to a resident prospect.
The quality of a building can be determined from the exterior along with a tour of an apartment.
For example, a well-built, brick structure that has not been structurally compromised with professionally upgraded apartments and quality building materials is necessary!
I “run” when I see exteriors that have exterior, structural issues and apartments with slanted floors and poor workmanship.
Properties with amenities such as:
· ample parking
· laundry
· storage
· outdoor space
· high speed internet and security features are attractive to resident prospects.
If you check all 5 of your “buy” boxes listed above….
YOU WILL ATTRACT A HIGHLY QUALIFIED TENANT VERY QUICKLY THAT IS EASY TO MANAGE!!!!
THAT’S THE CORE RECIPE FOR SUCCESSFUL MULTIFAMILY INVESTING.
Check this article out.
I have made a career investing in New York’s Capital Region and I have recently enjoyed the Florida and Tennessee markets.
I am excited to continue building a portfolio in St. Petersburgh, Fl…
BUT….
I am still a player for a deal in NY that checks my buy boxes.
The following is a description of the deal:
· It’s in a neighboring town 10 minutes from where I reside in the suburbs
· It’s situated nicely, neighboring newer, Class A single family homes and Class A apartments demanding premium rent.
· The apartments are identical and have a nice “flow”
· It’s a 1987 structure with a new roof with excellent curb appeal
· There is a spacious parking lot, each apartment includes a secure storage space in the dry, clean basement, laundry machines and a beautiful backyard for the residents to enjoy.
AND…. The rents are close to 50% under market!
Keep in touch if you are interested in investing now or in the future! We need to establish a substantive relationship to qualify!
Regards,
Bill
REAL ESTATE LINGO:
Buying Criteria – The necessary formula for a property to hit our projections with “ease” of management.
Flow – Moving in a comfortable stream
50% under market rents! – Currently $900-$1000 per month with market rents projected to be $1350 – $1600
