Expert: Terrence Cullen - 4/15/2008

Question
QUESTION: i held my 30 unit building for 10 years and planned to sell or refinance so i could reinvest and buy a couple of more 30 unit buildings, with this crazy market, i cant figure out what my next move is, i need to invest to feed my family, do you have any suggestions.

ANSWER: There is opportunities out there. The market is definitely shaping up as a buyer's market. Fast flips are few and far between though. What market are you currently looking in. There are some apt markets that are thriving. Let me know what your range is and I will try to help you find something.

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QUESTION: im into multifamily in the bronx, 30 units and up, but let me know about other areas too.

Answer
Rob,
Areas that I would explore would depend on my motivation. Florida has plenty of bargains that have a high risk reward ratio, but the amount of money you can borrow will be at a lower loan to value.

Good job markets with barriers to entry include NY, Boston, and the Washington suburbs and the economic crunch might squeeze enough people into dropping cap rates. The long term investment plus the stable return of apartment properties in particular make these solid investment areas.

 I use REIS and commercial broker websites to get input keeping in mind the commercial broker websites paint a rosey picture.