Buying Multifamily Apartment in Philly/ Cherry Hill

5 Replies

Hi All!

I'm new to the South NJ, Philly area and have decided its time to step up my real estate game! I'm looking at buying a 5-12 unit apartment. Does anyone have any war stories/ tips from the local area? I'm interested in the B- C class. I look forward to meeting folks and attending the SJREIA!

-Chris

No war stories and not in the NJ area. But I'm trying to get my first MF as well. Sold my entire SFR portfolio in March and working on a deal now. We fell out of contract on a 16-unit last month but rebounded quickly and have a week left on our DD for a 20-unit deal. I'm not an expert on MF (yet) but have learned a ton about the acquisition process over the last few months.  Let me know if I can help in any way.

Tony, It sounds like I'm essentially where you where several months ago. Did you do a 1031 exchange? Has the work level and DD been comparable to that of SFR? Shout out to TX as well, I just moved from Abilene back in September.

@Chris Reichelt Consider joining local REI groups. You can find a ton through meetup site. Networking with local investors will allow you to get the local war stories first hand and establish business relationship along the way.

Best!

Hi @Chris Reichelt ! I don't have any war stories or tips for your local area. But I do have a general tip: find properties you can add value to. Either through renovations, management improvement, both, or something else. You can essentially BRRRR apartment buildings that way and scale relatively quickly. Good luck!

Thanks Grant. That's a good point that value add is just as important in MF. I've done that a little with SF and plan to take that advice to heart with apartments as well. Have you basically BRRRR'd apartments and scaled?