Apartment Complex Owner “Do’s & Don’ts" Survey
Hi All,
I would like to venture into the apartment complex ownership realm this year. I have a SFR to sell/1031. Along with that I’ll either add my own cash, or that of a partner to use for 20% down on an apartment complex. I’m looking in the 1 million dollar range.
I have a fair amount of experience with SFR ownership and rental. For me, and those like me, I would really appreciate a virtual forum on the “Do’s and Don’ts” of apartment buying, owning and selling. In addition to the reading I’ve done and mentoring I’ve received I think this would be a great way for the seasoned multi-family owners to help out novices.
Practical info, finer points, whatever you think might be good to know prior to jumping in. For example, “Don’t ever buy an apartment complex with…….” Or, “Do try to purchase in a city with a ………….” You get the idea.
Thanks for the help, Brian
Following along the same line, does anyone have an opinion on how important demographics are? Is a city that is losing population and has a decreasing average wage a problem? The obvious answer is yes but then again that describes a lot of North East cities (boston, albany etc) but they are not going anywhere. Any thoughts would be appreciated.
Thx
No, it is not a particularly good deal
No, you cannot get 100% financing on it.