Scale to Apartment Complexes

[Samantha Santaniello]

Hi 

I have a couple of single family homes in TN and Florida and looking to scale to apartment complexes. My sister and I are going to form an LLC and start looking for our 1st one in the next two months. Any recommendations on the best places to purchase apartment complexes in the 700K range? I am from new jersey so all my rentals have been out of state and manage by a property manager.

[Patricia Steiner]

$700k won't do it in Florida - unless you look at C-markets where the return would be a "why bother."  In Tampa Bay, you're looking at $250K+ a door in a market that will provide you with a higher quality tenant and good returns.  I would like to suggest that you reconsider your strategy:  instead of looking for a commercial property, look for an opportunity...it may be an awesome vacation rental that will earn you far more than any long-term rental or it could be a triplex with a garage that could later be permitted into 2 more units.  When you target your acquisition to a property type, you limit yourself as a business owner.