Things You Wish You Would've Known With Your First Apartment
Hey Biggerpockets Family!
I've been away for a while just learning what I can while working a **** ton so I can save up for my first property. My plan has shifted from wanting to flip homes when I first started on this journey and I now want to own apartment complexes.
My goal is to own a 12-15 unit complex. I've been looking just to get an idea and see that they typically start around 1.5million for 10 or more units (I live in Minnesota)
Starting out, I'm aiming for 5-8 units. I'm thinking I'll need around $90,000 for a 20% downpayment and maybe $50,000 for renovations (just aiming high)
I don't have any experience managing properties and people I've shared this goal with (many whom never attempted anything like this) all suggest I start with something like a duplex but I believe that a duplex and apartment complex would be different experiences
I'm just looking for some success stories as well as things you've learned on our journey that would've helped you succeed when you purchased your first complex
I'm 26 & I feel like I'm sacrificing all of my time working so I can make this happen. ANY helpful input would be GREATLY appreciated!