Updated over 8 years ago on . Most recent reply
$2,000 Apartment Complex Purchase
Just purchased a old building that use to be a apartment complex that had 9 units of 2 bedroom apartments. Needs completely gutted and redone into apartment complex's. This would be a major project for me as in the past I have only done single family houses. My first thought is to resell to investors who have more knowledge on a building like this. So my question is do I remodel and take on this major project? Or do I try to resell to another investor?
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First is to find out what it would run you to fix it up plus your holding costs as @Brittany King mentioned, I assume you figured the ARV for the property ? then find out if you can get a lender to finance the construction and what the payments would be. would you make money now turning it around?, after repairs? or could you make good money as a hold and renting it ? You need to figure the best route, whats more feasible and can make you money.