Buying Apartment Buildings
After having bought so many single family properties I think the next logical step is to buy an apartment building. If bought correctly, an apartment building can provide good cashflow apart from the usual appreciation.
Since I don’t know anything about this I’ve been reading some really good books. Two that are really good are
How to Buy and Sell Apartment Buildings
How to Manage Residential Property for Maximum Cash Flow and Resale Value.
Anybody know any other good ones?
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May 2nd, 2006 at 5:44 am
This is WAAY over my league right now chief. The only advice I could probably give you maybe check out the brokerage? Talk to them you know bullshit around and let common sense make a decision for you.
The brokerage in real estate I know are.
-Cushman and Wakefield
-CBRE
-Colliers Arnold
I am sure there are more but that is all I know. On their websites there is many apartment complexes.
May 2nd, 2006 at 5:46 am
Also check out some real estate investment firms.
This is how they aquire property with these requirements.
They don’t purchase properties with less then 80% occupancy unless a renovation is needed
Also they don’t purchase any older than ‘85
http://www.cnccommunities.com/whoweare.htm
May 4th, 2006 at 12:59 pm
Hands down the best book I have read is http://www.amazon.com/gp/product/0471684058/ref=pd_lpo_k2a_1_img/002-2680496-6335202?%5Fencoding=UTF8
The complete guide to buying and selling apt buildings by steve berges. Vollouci’s book sounds great, but those are just examples of how you have made a million dollars, someone said he never really bought those markets.
See you on sdcia.com. Did you establish those connections to Indianapolis? I think you were going to buy reo’s.
May 5th, 2006 at 11:01 pm
what kind of appreciation can you look toward in apartment buildings?
I’ve always heard it’s less than houses.
regards,
m
May 6th, 2006 at 6:15 pm
appreciation in apt bldings can follow the same seen in regular homes.
For example, the CAP rate on apt bldings in San Diego has dropped from 8-9% several years ago to 3%. Meaning if you paid cash, you’d get a lousy 3% on your money. This means you’d pay about 3 times more for the building than you would’ve say 8 years ago. this is approximately the same rate of appreciation that regular homes have seen.
However, usually apt bldings are only as good as the rent they bring in.