Joining from Bogotá and learning about small multifamily properties

[field.full]

Small multifamily deals look straightforward at first, but I am unsure which price and cost data can actually be trusted. I am a prospective buyer in Bogotá and have joined to learn how people assess these properties before a first purchase.

I would like to compare investment models, legal checklists and market information from Colombia with the way buyers approach similar deals elsewhere. Should I begin by studying local discussions, building a spreadsheet from individual transactions, or looking for a particular source of completed-sale data? I would also be interested to hear which document or question proved most important during members’ first purchases.

 

[LightCrane]

Welcome. I’d start on the local board and ask how each contributor defines a “completed price.” Listing history is useful, but it is not the same thing as a recorded closing, and comparisons become shaky if the data covers different dates or property conditions.

For a first purchase, build your own sheet with asking price, final price where available, transaction costs, expected rent, vacancy allowance, management, financing and renovation.

 

[LightCrane]

One missing detail: are you looking at owner-occupied buildings with extra units, or fully rented properties? That changes which discussions will help most. Existing leases and management may dominate the latter, while financing and renovation plans could matter more for the former.

I’d also resist comparing Bogotá with another city until you know whether both datasets cover the same property type and time period.

 

[thinkTheWay]

I agree on defining the data, but I wouldn’t wait for perfect completed-price information before studying deals. Use advertised prices to find patterns, then model several purchase-price and cost scenarios rather than treating the asking figure as fact.

A practical next step is to post one anonymised example on the local board: unit count, asking price, current or expected rents, renovation needs and financing assumption. Members can then point out missing management, mortgage, or legal-checklist items without you disclosing the address.