Hello, I'm looking to re-vamp my REI strategy to upscale my startup 4-plex and SFR propeties and 1031 them into a commercial property. I'd like to buy something large enough to support staff or low maintenance enough that it can be managed from a distance. My goal is to be involved as little as possible on the monthly operations.
I'm looking into 30+ unit apartment complexes (location is very flexible assuming I dont need to be there for extended periods of time) which can provide enough revenue to adequately hire management. I'm not certain how realistic this is (or rather at what scale / revenue does the complex truly have the ability to financially be sufficient w/out my labor). Any thoughts or wisdom from you experienced people would be appreciated.
As an alternative thought i've considered RV / Mobile Home Parks. The thought process here mainly differs in that the majority (I think) of the mobiles are owned and therefore maintained by the tenants. Rather, I would be responsible for upkeep of the grounds, electric, and water hookups. As well as any "Clubhouse / Community" buildings or amenities. Basically my thought here is that I might delegate a large majority of maint. issues to the tenants thus making managing from a distance much easier and cost of a property manager less? Can anyone speak to the validity of this thought process?
Thanks in advance!!
Hi @Rodney Smith , this is a really good thread you started. Since its been more than a couple years ago you asked this question, how has your strategy turned out ? I'm in exactly the same situation as you are and it would be great to know how things have turned out for you and which direction you ended up taking.
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