Demand for multifamily housing is higher than ever before, and perhaps you’ve been thinking it’s time to get a piece of that pie—a BIG piece of that pie. If you’re considering buying multifamily property to diversify your portfolio and increase your earnings, Evernest will walk you through the entire process, including market research, shopping deals, submitting a letter of intent, mapping out financials and operations, and finally, leasing and managing your property.So, here's how to buy a multifamily investment property with Evernest:
Narrow Down Your Markets of Interest
Where do you want for your multifamily investment property to be? There are dozens of hot markets across the United States right now, and you are certainly not limited to your home base. Evernest has boots-on-the-ground experts that live and work in more than 25 of the nation’s most compelling real estate markets. These individuals know everything about their neighborhoods, from which restaurants to recommend to the schools with the best reputations.Whether you’re shopping for a multifamily property investment in Nashville or Denver, the Evernest team can support and guide you through the market research and due diligence process before you buy.
Get Connected with a Vetted Broker
Once you've narrowed down which markets you would like to shop around in, Evernest will connect you with a vetted broker in that area who will send you deals. These brokers have prior experience working with Evernest clients and uphold our level of expectation for quality and reliability. During this phase, you will likely review 4+ potential properties meeting your investment criteria.
Letter of Intent, Financial and Operating Plan
Before you submit a Letter of Intent, a professional property management specialist at Evernest will help you create a proforma for the property, including financial projections, cash-flow analysis, and an operations and maintenance schedule with projected costs. All of this information will help you make your purchasing decision. If and when you determine to move forward, Evernest will help you write your Letter of Intent and connect you with renowned local lenders and title companies to get the job done.
Evaluate and Execute Leasing Schedule
Evernest will prepare a leasing schedule for the units as you purchase your multifamily investment property. Most properties have a 75-95% occupancy rate at the takeover time. Our property management specialists will ensure that all resident contact information has been transferred to our automated systems so billing can continue seamlessly after the takeover.
Prepare and Facilitate Value-Add Improvements
If you intend to leverage the financial gains of value-add improvements on the property, Evernest will prepare an execution plan and bring in our in-house maintenance and construction professionals. Most owners of multifamily units opt to facilitate improvements during the turnover period between renters. However, Evernest can also help facilitate total complex rehabs, followed by a lease-up of all the units in the building.
Set and Forget with Evernest Multi-Family Property Management Services
Once you have facilitated any desired value-add improvements and all of the leases are properly signed and transferred over, leave the rest to the professionals at Evernest. Our team will develop a custom maintenance schedule to visit your property with the frequency desired. We will oversee cleanliness and maintenance in common areas and units at the resident's request. Our projects are serviced by in-house maintenance and repair specialists or vetted contractors. Receive weekly or monthly financial reports to ascertain the productivity of your investment.Interested in learning more about working with Evernest to purchase and manage a multifamily investment property? Contact a representative of our team to get started vetting markets and browsing deals.
