I am looking to buy apartment complex (about 20 units). I was looking at phoenix but looks like prices have risen a lot there already. Any other good areas?

Plenty of good areas. The key is what you define as a good cap rate and cash on cash going in versus the demographic and tenant type you will get.

Were you paying all cash or getting a loan at 75% ltv??

Nash,

Why go out of state? There was a 20 1-bedroom unit apartment building in Redwood City selling for $4M recently. It's my understanding that it's pending above list. The listing agent wanted partner with us on this deal if we bought it, but we passed.

We lost out on an offer for a 7-unit building in Redwood City for $1.85M last Wednesday. Again, this one is pending above list too. Fortunately, we got one in contract today. Can I do a chicken dance? :)

Kidding aside, the property manager is the key person who will make or break your out-of-state investment so choose carefully. @Yuliany W. lives in the Bay Area, but owns a couple of apartment buildings in Phoenix so maybe she can give you some pointers.

Good luck.

I own a few units in Phoenix as well as Scottsdale. Prices has definitely increased. Finding deals are not as easy as it was before. I started buying in 2012 which was already kind of late.

Other areas that is pretty good would be Scottsdale, Tempe (near ASU), Chandler and Mesa (I heard that Apple will be opening a manufacturing plant there).

Try looking for off the market listings from local real estate companies, I often submit my email address to their websites all just randomly calling people and telling them that I'm interested in apartment complexes. Usually they will start sending you email and let you know if they have something.

These listings are often time cheaper than what you can get from MLS (per unit price), but a lot of them are medium to bigger complex.