The must-haves experts look for in a multifamily investment property
Every multifamily investor has a wish list of features they look for in a property. What’s at the top of the pros’ lists? Six expert investors share their must-haves.
“Good bones and good location. I like the more untouched properties that haven’t already been renovated [cheaply] and botched up. The more original, the better.” —Ivana Bramson, designer, creative director and brand manager/ambassador at GLB Properties in Los Angeles
More than one path to success
“When I buy a property, I want to have two exit strategies, such as using a 1031 exchange or simply selling the property, and possibly two investing strategies, like long-term or medium-term rentals, where the numbers make sense. Being able to switch strategies is key in a changing economy and market.” —Sarah Weaver, real estate investor, coach and founder of Arya Design Services, Arya Management and Invested Adventures
Location, location, location
“I need to feel good about the location. I also look at the cost of homes surrounding the location. If you can get a property for $400,000 to $500,000 per unit surrounded by million-dollar homes, it wouldn’t make sense financially for someone to buy one of the properties near you and build more units to compete against you.” —Dan Blackwell, executive vice president and broker, CBRE, in Costa Mesa, California
Financial wiggle room
“You need to have enough reserves going in to cover anything that could go wrong. If you have $101,000 set aside, you don’t want a property where you need $100,000 to close.” —Robert Leonard, investor in New Hampshire and host of the Real Estate 101 and Millennial Investing podcasts
“For out-of-state investments, my partners and I take into consideration several factors, such as population growth and major employers. I also have personal criteria: The deal needs to be within an hour from an airport — max — with nonstop flights. I don’t want to fly and then drive three hours to the location. I stand for living life by design, and I encourage other investors to add criteria that work for them.” — Andresa Guidelli, co-founder and CEO of The Real Estate InvestHER in Philadelphia, Pennsylvania
A good price — and an open mind
“Some people would say, ‘I need to have parking,’ or ‘Don’t buy any buildings with only studios; you need more of a unit mix.’ For the right price, who really cares? For the right price, anything could be a good fit.” —Juan Huizar, Sage Real Estate president and broker in Long Beach, California
Chase, J.P. Morgan, JPMorgan Chase, and Story by J.P. Morgan are
marketing names for certain businesses of JPMorgan Chase & Co. and
its affiliates and subsidiaries worldwide. “JPMorgan”, “JPMorgan
Chase”, the JPMorgan Chase logo, “Story”, and “Story by J.P.
Morgan” are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase
Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
for additional disclosures and disclaimers related to this
content. Changes to Interbank Offered Rates (IBORs) and other
benchmark rates, such as the London Interbank Offered Rate (LIBOR)
are, or may in the future become, subject to ongoing
international, national and other regulatory guidance, reform and
proposals for reform. For more information, please consult
The information and materials contained herein are for
informational and educational purposes only and not for business,
legal, accounting, tax or any other advice. We make no
representation or warranties or give any guaranties with respect
to the content and hereby disclaim any and all liability for your
action or inaction. Always consult your own attorney, tax advisor,
accountant or other appropriate professionals.
JPMorgan Chase, 10 S. Dearborn, Mail Code: IL1-0723, Commercial Banking Marketing, Chicago, IL 60603-3403, United States.
ⓒ 2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member
FDIC. Deposits held in non-U.S. branches are not FDIC insured.