Who is my Buyer?

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Who is my Buyer? This simple question should be any owner’s first for any good multifamily property broker–NOT–”what will it sell for in today’s market?”  The broker’s answer should be highly specific. Any house/residential agent can do quick math and estimate a market valuation–and tell you a high market valuation number of what you …

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5 Things You Should Know Before Selling Your Multifamily Property

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Sell Multifamily 1.  Get all your financials documents updated and organized. Smart and Savvy buyers assume the worst from a Seller or Property.   Sellers must have updated and detailed Rent Rolls, Tenant Ledgers, P&Ls, and list of work and dates of capital expenditures. 2.  Notice to vacate problem tenants. If tenants are committing …

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5 Things You Should Never Do When Buying Multifamily Property

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Buy Multifamily 1.  DO NOT–Buy the cheapest priced property (among the competition). Often times the cheapest asking prices are for a very good reason:  terrible condition, poor unit layouts, cut up/converted units (versus built-that-way traditional units), electrical heat (versus gas furnaces or boilers), bad financial condition (tenants don’t pay on time, etc). 2.  DO …

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InvestProp vs. Zillow

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Sell Multifamily Question:   How do I know the value of my small or medium sized multifamily property in today’s market? Answer: NOT by checking Zillow! Discussion For the sake of brevity, we’ll focus today on one small property–a duplex in St. Paul.  Currently, Zillow.com has 440 Jayne Street valued at $154,531.  Currently, InvestProp …

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Eviction Action

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InvestProp Glossary: Eviction Action (formerly “unlawful detainer”) An Eviction Action in the State of Minnesota as defined by the Courts as:  “A legal action, in which a landlord files a request to the court to determine if the tenant should be evicted or if they have a legal right to remain on the property.” …

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