I wish I had a dollar for every time I heard someone say 'That's easy, Let's do it" - I would be retired! As a Certified Project Manager, I can tell you any project that requires you to maintain 'business as usual', stay within a budget, keep people happy and 'fix' everything you touch along the way - is not always that simple.
We recently purchased an 80 unit investment property in Macon Georgia. Many people ask why we would invest in Macon. The answer is simple. We can make a very nice return in places like Macon Georgia. Our investors know that we do our due diligence on a location and the investment property, before making an offer. In this recent article, you'll see one reason why we like Macon.
If you're like me, somewhat of a newbie in the real estate biz, multifamily deal syndicator and looking for the next investment opportunity, you've no doubt been hypnotized and spend may hours sniffing out 'the best' cap rates, like a zombie searching out it's next victim. But honestly, if all we had to fall back on is the cap rate we bought into, then why the heck are we in this business? You don't gain notoriety, or build your fortune, on 6% returns.
In a recent article published by the Wall Street Journal, January 6, 2016, it was reported that apartment rents increased faster in 2015 than at any other time since 2007. Average effective rents nationwide rose 4.6%, the biggest increase since before the recession. For the last six years rents have increased steadily as a result of several factors.