BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray

BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray

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How much does it cost to buy a large apartment complex? Millions? Think again! On today’s episode of The BiggerPockets Podcast, we’re excited to welcome back Brian Murray to the show. Brian, who was last seen on episode 126, has done some pretty amazing things over the past several years — including purchasing a 115-unit property that cost him nothing out of pocket (and, in fact, he walked out of closing with a massive check!). Whether you are looking to buy one house or a 100-unit property, this podcast will inform, motivate, and inspire you to massive action.

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In This Episode We Cover:

  • What Brian has been doing since his last episode
  • The definition of “value-add” in real estate
  • Different ways to add value to a property
  • The story of how he turned an old motel into studio apartments
  • How Brian gets his tenants and the kinds of screening he uses
  • Why he focuses on keeping rents low
  • The location of these rentals
  • Why you should consider the “transient work force
  • Details on how he got this deal
  • A discussion on raising money and working with partners
  • Tips for finding properties
  • How to handle agents and brokers
  • The story of the 115-unit Section 8 apartment complex
  • How a HUD contract crushed him
  • Whether you should consider managing a HUD property or not
  • How Brian sold the property for $3.2 million
  • His advice for aspiring investors
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “It’s about the journey and I definitely don’t want to feel that I’m lock into something, like some arbitrary number.” (Tweet This!)
  • “You don’t want to take on more debt than you can handle.” (Tweet This!)
  • “If somebody says no, don’t give up. Try somebody else. Keep trying.” (Tweet This!)

Connect with Brian

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