For those apartment experts out there, I was wondering their thoughts on 2010 and onward to get started in apartment investing. I own a SFH and have done a few small deals but still have a lot to learn with residential investing. I am aware of a lot of good education out there for apartments (Dave Lindahl and others) but am a little leary to jump right in to multi familiy/apartments as a beginner. Any thoughts or advice would be greatly appreciated! Thanks.
Getting your first property is going require some effort on your part. The rest of your future apartment deals are going to be to be alot easier than your first one. If you have done a few residential investing, you should start off with small apartments and then grow bigger from there.
IF you are looking for some sort of courses on how to get started with apartment investing, I think you should check out Monica Main’s ApartmentBuildingCashFlowSystem Course. I think Monica done lost her mind for selling the whole course including the bonuses for $97.
The fact that you are a beginner should not prevent you from buying multifamily properties. Our current economy is fragile so you might just want to be extra cautious while you are moving forward. Lindahl is a great and comprehensive program. You might, however, want to team up with someone experienced for the first couple of deals and split the profits and responsibilities as you learn and grow.
If you believe you can do it, or if you believe you can NOT do it, you are absolutely correct.
Put it in your offer that the owner stays on in one of the apartments or remains as a consultant to train you on how to run the building for a couple months. I did that before with an older apartment building I bought because it had a lot of old things in it like steam rads and boilers and different maintenance things that I wasn’t familiar with. No one can give you a better understanding on how to run an apartment building you’re interested in buying than the previous owner.
i honestly believe that residential is very competitive because rarely do seminars and etc talk about commercial real estate. Maybe because they are hard to sell which is a good and bad thing. A good thing for long term investors and maybe not so good for “flippers”. I recommend taking a week or two to listen or read the Rich Dad Poor Dad info and Monica Main’s course which is really in-expensive compared to other commercial real estate courses. Good luck! :biggrin