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Jason Branum
Pro Member
  • Real Estate Investor
  • Soddy Daisy, TN
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I need help running these numbers! Big purchase (make or break) 20 unit 2bd 1.5 bath apartment. I have provided the calculator screenshot.

Jason Branum
Pro Member
  • Real Estate Investor
  • Soddy Daisy, TN
Posted Mar 23 2015, 18:36

I was given an exclusive lead on a apartment complex purchase and the numbers appear a bit tight. Please help!

This is a 20 unit complex within a mile of my house... I'm committing the bigger pockets cardinal sin because at the moment my rental properties are in my name. I realize that would have to change immediately.

My bank is willing to require the bare minimum down payment because they feel that my numbers are safe conservative estimates. My concerns: I don't have an LLC yet, very little cash (only equity), and the 50% rule puts me at -$350.

The positive: there is a waiting list a mile long on these apartments and the whole complex has new roofs and tasteful upgrades (appliances etc.) it's a nice place... Very uniform identical units. 

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