Is there anyone here that owns an actual apartment complex? If so, how many enployees do you employ, and how much do they cost monthly? Also was do your gas and water bills, look like per unit? I am looking into this, and just as everything else at first glance it looks great, but after subtracting the mortgage, what I percieve the water bill will be, and the just thinking about employees,I am not see a profit og more than 3 or 4k a month, which is really not worth the liability to me.
I own a small apartment complex (8 units), so I might be able to help you out. First of all, how large is the complex that you’re considering for purchase? I only ask because the number of units can affect how much you’re spending on maintenance, etc. Also, how old is the complex? Has it recently been renovated?
As far as utilitiy costs are concerned, how are your units metered? Is there one meter for the whole complex, which you pay for, or is each unit tied to its own meter? How much house power is involved (outdoor lighting, sign lighting, etc.)?
Employee costs again depend on the size of your facility. If you’re buying a 200-unit complex built in 1965, you’d probably want at least one qualified handyman on the payroll–full-time.
Other costs to consider include turnover maintenance, grounds maintenance, garbage removal, pest control, advertising, monthly repair budget, etc.
Hope this helps,