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Can you run the numbers for me please? 601 S Walnut Mt Vernon MO J J Apts.

By Cheryl Willis

Real Estate Agent with RE/MAX Solutions- OZARK MISSOURI

November 25, 2008 09:34 AM

I am listing a multi-family, 4 x four-plex. What would be the top 3 things an investor is going to look for to make this property move to the 'Let's take a look at the books" list?

16 individual one bedroom/one bath apartments with appliances. A very nice central laundry on site. Section 8 contracts, long term occupants, paved parking, park like setting. Additional land to build more units. (total 2.52 acres m/l). So tell me what Top Three things do you want to know?

I will answer in the comments section.

Location, Cash Flow, Condiion, tell me what you look for.... be good cheryl

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Lisa Friedman

Alliance Realtors - Bedminster, NJ

Central New Jersey Real Estate

As an investor, I like a good location in an area with decent jobs and good schools. An 'up and coming' area is preferable versus one that has already appreciated. I don't like any 'slum lord' type properties. I don't mind if it needs work because I can upgrade it to my standards. I put higher quality items in my rentals as I feel it brings me a higher quality tenant who will respect my property more. I am not ultra concerned with the initial cash flow and am not stuck on certain minimum rates of return as my goal is long term appreciation and to get the mortgage paid off as quickly as possible. Any profits go into prepaying the mortgage. If I am negative cashflow, then I can write off the loss against my taxes. That is still better than putting money in a savings account. Again, I am looking for the long term benefits so I don't mind a little negative cashflow if it gets me where I want to be long term. Hope that helps!

Nov 25, 2008 09:45 AM

Cheryl Willis

RE/MAX Solutions- OZARK MISSOURI - Mount Vernon, MO

MO Broker - Mt Vernon, Monett, Aurora, Barry & Law

Lisa, thanks for the response. so many times I get mini-investors that call wanting to get into real estate and they have taken a class (or seen a info-commercial) and they 'want' to check out a property. When I ask what they are looking for in an investment, they don't have a clue. My seller doesn't want the whole town knowing his business so to speak so I want to market this complex in a way that the truly interested people will check it out. I personally don't want to be showing it to night-owl Trump wan-ta-be's. I will take into mind what you have said and add area stats/schools/employment numbers to my marketing package. Thanks- Cheryl(call me if you want an apartment complex)willis

Nov 25, 2008 11:27 AM

Kay Van Kampen

RE/MAX Broker, RE/MAX - Springfield, MO

Realtor®, Springfield Mo Real Estate

I have a great listing in Ozark.....if your buyers do not want to buy your listing. 1, 2 and 3 bedroom apartments, only a few years old. I'd be happy to show them to you.

Nov 30, 2008 11:28 PM

Kevin Corsa

H.I.S. Home Inspections (Summit, Stark Counties) - Canton, OH

H.I.S. Home Inspections, Stark & Summit County, OH Home Inspector

Cheryl, Of course since I am a home inspector/investor, I think I may be a little overly concerned with property condition; has there been regular ongoing maintenance, etc. Additionally, though, I am concerned about area; schools, shopping, convenience to major highway/freeway. I also always want to know what the taxes are, and if there are any assessments, or planned assessment/improvements to the area.

If all of that is in line, then the numbers usually always work out for themselves.

It's also good to know what the past occupancy/vacancy ratio has been.

I'm not usually too crazy about extra land, unless it can be used for parking.

Dec 01, 2008 01:47 AM

Kevin,thanks for your response, I will make sure the seller has his repairs/improvements in order. I haven't been through each apt. but the ones I saw all look pretty well kept up. Most renters are long term so they stay up on keeping things in order.

Kay-I will have to pull the info on yours and keep it in mind. Maybe this is what I will be workig on this winter- that is the best time to sell Multi-family. (before the end of the year)

Dec 01, 2008 05:00 AM

Can you run the numbers for me please? 601 S Walnut Mt Vernon MO J J Apts.

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