$2,000 Apartment Complex Purchase

3 Replies

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? 

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.