Buying the first apartment?

Question

Jeff J. · Answer

My first apartment purchase was financed by a bank loan where I provided the down payment by cashing out an IRA.  That was 5 years ago, we now have 120+ rentals.  My subsequent apartment purchases have been financed by increasing value of existing stock and refinancing.  This is a viable path if you can assume the initial risk.

Mike Dymski · Answer

My most important criteria for investing in private placements is the developer's/syndicator's track record....show what you have done in REI.  Absent experience for something as large as an apartment complex, you are looking at angel investors...friends and family.

Chris Eaker · Answer

@Ronald Kile I'm working on that very thing right now. I've sent emails to friends and family, send messages through Facebook to alot of people I went to college with, and try to mention that I'm looking for investors to anyone who will listen. So far, I've gotten two types of responses: 1) That's really cool and thanks for thinking of me, but I'm not in a position to invest right now, and 2) I'm interested in learning more, can you send me more info? So far I've gotten one response back from someone I sent more info to with more questions. Hard questions. like "Have you ever done this before? How do you plan to manage it? And How are you getting that return in investment projection? These are questions I need to be able to answer, so it's good. It's not a quick process.