Find your break-even point in relation to % of units rented. There are some advantages to the banking aspect also with higher number of units leased. The management is the part we had the most issues with. Seems like those in PM in apartments were just born to be theifs. Our goal was always the 90% range....which is basically evey unit rented that can be. Cash flow is great, but once we got our properties up to that number we would sell. The preforming asset market is great for the international buyer right now. You will get an extra 4-5% from them right now.
Once you run your market anaylsis you will know what to do. Great opportunity in the multifamily if you can find the right deal.
Only buyer beware right now is the competition of fund bought single family homes. Don't know if that is as strong in your area as in other areas of the country.
Bottom line....if you can get a good deal on a preforming asset, then that automatically puts you in the driver seat. Good Luck!
Once you run your market anaylsis you will know what to do. Great opportunity in the multifamily if you can find the right deal.
Only buyer beware right now is the competition of fund bought single family homes. Don't know if that is as strong in your area as in other areas of the country.
Bottom line....if you can get a good deal on a preforming asset, then that automatically puts you in the driver seat. Good Luck!
i have a few clients that have apartment buildings, the most successful ones (and least stressed) say ALWAYS buy something 12 units or bigger, then you can give someone free rent to be an apartment manager. and the taxes/insurance/maintenance/etc are almost always less per unit on a bigger deal.
if you don't have someone onsite, you are going to be taking phone calls about leaky faucets and broken toilets all hours of the day and night.
if you don't have someone onsite, you are going to be taking phone calls about leaky faucets and broken toilets all hours of the day and night.
