apartment complexs (by Ebony [NC]) Jul 7, 2010 5:47 PM
apartment complexs (by John... [MI]) Jul 7, 2010 5:56 PM
apartment complexs (by Reid [KS]) Jul 7, 2010 5:58 PM
apartment complexs (by Robert,Ontario,Canada [ON]) Jul 7, 2010 6:36 PM
apartment complexs (by Reid [KS]) Jul 7, 2010 7:31 PM
apartment complexs (by mike [MO]) Jul 7, 2010 7:41 PM
apartment complexs (by TIM [IN]) Jul 8, 2010 5:33 AM
apartment complexs (by ebony [NC]) Jul 8, 2010 2:38 PM
apartment complexs (by ebony [NC]) Jul 8, 2010 2:38 PM
apartment complexs (by ebony [NC]) Jul 8, 2010 2:39 PM
apartment complexs (by Chris [CA]) Jul 9, 2010 3:10 AM
apartment complexs (by Chris [CA]) Jul 9, 2010 3:17 AM
apartment complexs (by Ebony [NC]) Posted on: Jul 7, 2010 5:47 PM Message:
State Specific Question About: NORTH CAROLINA (NC)
I would like to purchase a small aprtment complex fix it up and rent it out not sure where to start --70.60.xxx.xx |
apartment complexs (by John... [MI]) Posted on: Jul 7, 2010 5:56 PM Message:
I would recommend reading some good books first -- maybe Landlording by Leigh Robinson and, especially in your case: "Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth" by Larry B. Loftis.
If you've seen a property already that you are interested in, feel free to post some numbers here and get some opinions of people as far as cash flow and so on!
- John...
--207.241.xxx.xxx |
apartment complexs (by Reid [KS]) Posted on: Jul 7, 2010 5:58 PM Message:
Go to the book section of this site above and you might start with "The Complete starter Package for new landlords" , "525 rehab , repair and maint. secrets" , and " Building cash Flow with Multi Units " --70.244.xx.xxx |
apartment complexs (by Robert,Ontario,Canada [ON]) Posted on: Jul 7, 2010 6:36 PM Message:
If one is willing to sell their house then use the money to buy more rental units. A lot depends on how one wants to live. Definitely consider belonging to a landlords association instead of learning from the school of hard knocks. As one has more equity then slowly fix up the apartment building. It is better to upgrade a vacant rental unit one at time then spend a large amount to upgrade all the rental units. --216.110.xxx.xx |
apartment complexs (by Reid [KS]) Posted on: Jul 7, 2010 7:31 PM Message:
as Robert (ONT) suggested you might buy a building and live in a Unit while building wealth and improving the building. --70.244.xx.xxx |
apartment complexs (by mike [MO]) Posted on: Jul 7, 2010 7:41 PM Message:
in this market you may find more advantages to the SFH's over the multi's. The market is drastically different than in years past. I can see very few advantages to the multi over a house. In my market, the SFH's will cash flow better and should appreciate much faster than the multi - so why buy a multi? --70.239.xxx.xxx |
apartment complexs (by TIM [IN]) Posted on: Jul 8, 2010 5:33 AM Message:
Time convience. Plus, you can't just look at today's market and to make long term decision.
If your goal is to have a lot of units, in one good location, multi's is the way to go. Even if it isn't cash flowing like a SFH.
My .02 though, it would be better to have a mix of units (some multi's, some SFH, some 3BD, 2BD, a couple/few single BD units, etc). right now would be a good time to add SFH. Especially 3BD homes. My goal is get my tenants in the 2BD multi's to buy my 3BD SFH on RTO. --67.236.xxx.xxx |
apartment complexs (by ebony [NC]) Posted on: Jul 8, 2010 2:38 PM Message:
If I am able to get a apartment complex up and running is it a good idea for it to b low income --99.205.xxx.xxx |
apartment complexs (by ebony [NC]) Posted on: Jul 8, 2010 2:38 PM Message:
If I am able to get a apartment complex up and running is it a good idea for it to b low income --99.205.xxx.xxx |
apartment complexs (by ebony [NC]) Posted on: Jul 8, 2010 2:39 PM Message:
If I am able to get a apartment complex up and running is it a good idea for it to b low income --99.205.xxx.xxx |
apartment complexs (by Chris [CA]) Posted on: Jul 9, 2010 3:10 AM Message:
Look, I have no idea what kind of a deal you would be getting. But the few years I had 30 units made my hair turn grey. Concrete in the main drain? Yep. Squatter breaking into one unit every night? Yep. Sqquatter's kid destroying a beautiful garden worth thousands in plants and hundreds of hours over a decade? Check.
Small units = small profit. Constant handy issues (guess what, by a few select trouble tenants). once they get mad, they let the water run => $ XXXX water bill next month? Yep. Now try to get 1.) financing and 2.) hazard insurance. An agent came out and demanded fire extinguishers placed every where... With over 16 units you may need an on site manager.
While I'm the least handy guy lurking here (among the thousands) and confess being stupid, I would like to point out that the better properties I had performed well. No evictions, less turnover... Hence the suggestion to buy a few 4-plexes or a bunch of duplexes or even SFHs instead.
One bad apple makes you lose half a dozen good tenants. Ask me how I know this!
Or else, look into buying a whole MHP. You will get all the drama you can handle - and be propositioned as well. And be warned, you will encounter evil and pure malice. Can you handle this, day in, day out?
One guy loves to play rock very loudly near midnight. Knock on his door and make an enemy? Good luck! --180.180.xxx.xxx |
apartment complexs (by Chris [CA]) Posted on: Jul 9, 2010 3:17 AM Message:
Low income? Please tell us more! Studios? I bought a former motel with 20 units, mostly studio s. Cute but not profitable! The seller deferred maintenance for a decade, putting some kind of polymer round dripping faucets etc. Then you had everything master metered.
Studios = not good, high churn. IMHO, 2 BR units are attractive. Even a single likes that extra room.
Would you inherit tenants? Are you sure you get a good deal? Have you secured financing yet? (Many seasoned LLs here cannot get that, despite a great track record over decades).
Some deals make no financial sense. Learn to walk away from those!
FYI, I found some great deals on overpriced newer duplexes and such which often can be bought at 1/3 their former price. Cheap can be very expensive long term! --180.180.xxx.xxx |
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