Investing in multifamily apartments
Weekly, we’ve been pulling the covers back a bit to reveal some of the key ingredients of the “Secret Sauce” we use here at the Barriskill Investment Group. We’re doing this so you can gain some perspective on how we bring multifamily apartment projects to our investor community through our Private Placement process. We want each one of our investors to be able to achieve a financially stress-free retirement in part, because of what we do.
We first talked about Evaluating Candidate Properties. And last week, we summarized how we would Detail-Dive and Make an Offer if the results of our investigations were favorable. Each of those segments have been posted on the company website for your reference.
This week we . . . Bring in the Professionals
We have the developed experience to conduct a comprehensive evaluation of a candidate multifamily apartment property. We also have the confidence to know when it is time to bring in qualified professionals to give us in-depth information crucial to the purchase process.
If you have recently purchased or re-financed a home, you have experienced the sheer volume of inspections and documentation required to proceed – right? Purchasing a multifamily apartment property has its own level of inspections and documentation volume. We contract the various professionals to provide the reports needed to enable the purchase. These reports include, but are not limited to appraisals, inspections, property survey, preliminary title report generation, a surrounding retail survey and competitor survey.
At the same time, our local property management team will:
Visit each unit within the apartment complex to note the condition of the appliances, standard fixtures, plumbing, floors, closets and floors.
Audit each unit’s lease, its historical rent rate and rent received history.
Create their own revenue/expense objectives and appearance/good-will project list.
Develop a projected annual operating budget for the property.
All of this is brought together for us to validate so we can then Apply for the Commercial Loan, which we will discuss next week.
Our overall goal is to help our community of private investors build consistent monthly cash flow and grow their net worth.
Reply to this email or give us a call so you can learn how you might become a member of this private community so you can compliment your retirement goals and objectives.
Our kind regards,
The Barriskill Investment Group
800.953.1374