A General Update
April 2nd, 2007 by KenricI was going to post something similar to Cliff’s post from today but I think it’s premature. I am leaning towards multi-family properties also and haven’t figured out which city to buy in. Right now, I’m trying to determine exactly how much I can afford if I 1031 a couple of my residential properties. The logistics between selling a bunch of residential homes in this market all within the 1031 timeframe and finding an apartment building would require incredible coordination and luck.
My parent’s new home in Scottsdale closes today. This was the 1031 replacement property from the property that our tenants purchased back in February. It’s a great house on 1/3 acre and the house is set to one side of the lot. The other side is just dirt. I can’t wait to put an addition on this property. It’s just screaming for a room addition or a guest house.
I haven’t found a new tenant for Condo#1 yet. I’ve had many showings but no applications. My tenants leave at the end of May so I still have 2 months.
That’s it for now…
Posted in Real Estate | 
Stumble it!
I hear there’s a great complex in Mission, TX that is 100% occupied that might work out great for you!!
LoL
http://sanantonio.craigslist.org/rfs/298866825.html
By Marco on Apr 3, 2007
Hi, Kenric,
We just purchased our first multifamily property (a quadplex counts, right?). We’re starting small. :-) But, I recently went from preferring retail strips to apartments. We needed to have a safer, more consistent source of cashflow–and, retail seemed a little riskier. Offices seemed even riskier still. And, I don’t even pretend to know much about industrial at this point, although I hear there’s good money to be made there. Basically, everybody has to have a place to live–even in bad times. We plan to flip into larger and larger multifamily properties over time.
Anyway, I just wanted to let you know we’re on the same wavelength!
Tulsa (my town), OK, and the metro area of Tulsa provides some pretty good cap rates if you’re interested. It makes me happy to live here as an investor!
By Trisha on Apr 3, 2007
Congrats! I looked at strip malls and office buildings and they seemed riskier to me also. At the end of the day, I think i know how to get residential tenants. I know nothing about getting commercial tenants. So, looks like I’m going multi, like you and Clifford.
What is the price per unit in Tulsa for a large multi?
By Kenric on Apr 4, 2007
Thanks!
Well, in 2006, post-1980’s construction complexes sold for an average of $68,956/unit.
1980’s construction sold for an average of $37,778/unit.
And, pre-1980’s constructions sold for an average of $27,894/unit.
If you’re interested, please let me know if you have some criteria you’d like me to look out for–I can let you know if something’s on the market here that might suit you.
By Trisha on Apr 5, 2007
I’m not ready yet. I need to sell a few of my properties. But I’m working on getting the structures and financing in place.
By Kenric on Apr 6, 2007
No pressure! I’ll be around when you’re ready. I really wasn’t trying to make a “sales call” on your blog! LOL!
Best of luck! I’ll keep reading!
Trisha
By Trisha on Apr 6, 2007
LOL, I didn’t think it was a sales pitch. However $30k a unit sounds pretty good!
By Kenric on Apr 9, 2007