Apartment building and multi-family deal structuring

9 Replies

Hello to everyone. I am looking for advice on  purchasing a course on learning all phases of  structuring deals for apartment buildings and multi-family properties. There is a ton of info out there, which can be intimidating and confusing. I am looking for members advice on the best course to buy, I have multiple single family  rental properties in the Cleveland,Ohio area, and I am looking to get into the apt building area of investing. I was looking at Ray alcorns course for $599.00 But I need grounds up education, and a course that definatley reflects 2014/2015 market conditions. Thanks much for any advice. 

@Thomas D.  

Before spending/squandering your downpayment funds on a "guru" course {if you are going to enrol in a college/university course, it's a different kettle of fish}, spend sometime searching, reading and digesting the forum history and blogs here at Bigger Pockets.  There are plenty of folk here with ample experience purchasing small to mammoth size apartment buildings/complexes and other commercial real estate.

I would challenge that you can learn all the fundamentals you require to identify and successfully pursue your target type of multi-family building(s), right here for the cost of your time.

Now, a caution as you embark on this mission.  Apartment buildings in many areas of North America are over priced at the moment ... so carry with you a healthy determination to stick with your {conservative} numbers and let the foolish money do as it may.

Thanks Roy. I really appreciate your advice. I am currently setting up to attend the nearest Real estate investment club so that I can network from others and learn.

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Hi @Thomas D.   ,

I think @Roy N. gave you perfect advice.  Before you pay for a course read and network as much as you can on BP.  There are tons of articles, forum posts, and podcasts that have the answers you are looking for.  After you ground yourself in the fundamentals, if you find that you still have questions you can simply ask one on the forums.  Smart people with experience will be happy to answer!

If after that you still want more, then consider purchasing a course.  Good luck!

Happy investing,

Mike

Thanks Mike! I understand everything that you are saying. that being said, I would still like an opinion from members of a course that is legitimate and has good reviews. Thanks

@Thomas D.  

I would echo much of what has been said, and add that you pursue an mentor.  Find someone that is doing what you want to do and find out how you can be of assistance to them.  Learn by the side of a successful investor.  There are many successful MF investors on this site and I would venture to guess that one or more would be willing to work with you.  They may even have some of those home study guides that they could loan you. 

Funny that my business partners name is D Thomas, just the reverse of yours.

Thanks Jeff. I appreciate the advice. That is what I will do then. Would you suggest that I contact my local real state club in the Cleveland, Ohio area and go from there?

@Thomas D.  

welcome to the site.

When looking into apartments some basic things to know.

Banks generally require @ least 25% down.

They want the building to support itself. If you get hit by a bus they need to know that they can outsource everything without loosing money.

They want the building to bring in $1.20 for every $1.00 that they lend out.

@Thomas D.  I am interested in doing the same thing. I am going to send you a colleague request so we can keep in touch. I am planning on learning the basics of multi-family, and establishing relationships, and getting my persoanal credit score as close to 800 as possible over the  next year, year two I want to raise at least 100k of my own money to put in on any deal, and year 3 I want to find a property, and other investors who are interested in purchasing as well. I have not decided what size property yet, or the area to purchase I feel the quality of the relationships, and education I build over the next year will decide that for me. 

I've spent a lot of money on guru courses in the past too. But I put the blame on myself for taking the first steps on initial action, but not following through and following the shiny object to another type of investing.

@ Roy N. had a great idea about just digesting what's on the website and forums. I've also been reading and listening to all of the info on other investor's websites that post articles on BP. Lately I've been reading Michael Blank's website www.themichaelblank.com. I have not bought the course though.