How do I get started in apartment complex investing? can anyone that has bought their first one provide advice

Question

i want to beging in investing in an apartment complex but I am not exactly sure how to start ? anyone who has already gotten their foot through the door can please provide some advice.

Answer 1

You should first go to a book store and get as many books on landlording as you can find.

If you don't have lots of up front capital then you need to start with 1-4 units. For the purpose of financing  a 1-4 unit apartment or duplex lenders consider this a single family home for qualifying purposes.

This  is how you get your foot in the front door. You should move when you can get enough rent from your renters to cover your mortgage, both principal and interest to include insurance and taxes.

You should do this for about 2-3 times to build your net worth and bank account up so you will have a positive in all your rentals.

Now once you have accomplished this you should be on the look out for bargains, such as foreclosures, divorces, probates and other distressed properties. You should advertise that you are willing to take over the payments of units or be a partner with someone that is in financial trouble with units.

You should move up to 5-6 units and then 8-10 units in your progression.

Being in the rental business you should always be on the look out for bargains,to include asking banks for a list of their foreclosured property on their books.

After you get your first unit you should join the  Apartment House Association. This organization will give you the going rate for rents in your area. They will also have legal rental forms as well as eviction forms for your use. This organizaton will also help with running credit checks on potential clients or renters.

I hope this has been of some use to you, good luck.

"FIGHT ON"