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Running multifamily properties in tertiary markets can have major challenges, especially finding qualified staff and drawing from a smaller tenant base. Despite these challenges, you can still acquire at a low enough basis where big gains can be made. Many of these properties are inefficiently managed by long-term local owners with little or no debt and rents hundreds of dollars per month below market. Seth Teagle, Principal of The Stream Group, vertically manages properties in tertiary markets, and has been able to create immense value through increasing revenue and net operating income.
