3 Lessons I Learned by Closing on a 49-Unit Apartment Building [With Video & Pics!]

In this article

Last week, we closed on a 49-unit apartment building located in Elizabethtown (just outside of Lancaster, PA). The property, Savoy Shoe Factory Apartments, is a loft-style apartment complex located adjacent to the train station. The site was built as a shoe manufacturing operation in 1935 and was converted to loft apartments in 1996. Unit layouts are unique, consisting of many bi-level apartments, stainless steel appliances, spiral staircases, large windows, exposed brick, and a large courtyard complete with a play area and two gazebos. All units have individual entrances, and all but a few have a private deck.

We are very pleased with this acquisition. On the journey to closing, we learned a lot of invaluable lessons. In today’s video, I share these lessons with the hope you can apply these to your buy and hold purchases. I hope you enjoy the pictures I have included as well!

Related: How I Bought a Multi-Million Dollar Apartment Complex at the Age of 26

3 Lessons I Learned by Closing on a 49-Unit Apartment Building

Pictures

As always, let’s get some conversation going below!

Thanks for watching and have a great, profitable week!

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.