My dad and I are going to be attempting to purchase are first apartment building which is 62 units. We have been saving our whole lives and trying to invest are hard earned money. We are curious if this is too large for a first time investor.
@Jason Barnes congratulations on being able to save enough to buy a property of this size. You have indicated that this is your first investment, but you did not say if this is all the money that you have.
1. A 62 unit is a pretty large property to start out with. There are many balls that need to be held in the air and a cost involved with dropping any.
2. I would have a concern with putting all of your eggs in one basket and keeping enough reserves for the unexpected.
I would recommend either going smaller or reducing your risk by partnering with an experienced MF investor. A big mistake could be your first and last with a property of this size.
are you planning on going in all cash? I would say that using financing would be one way to mitigate the all eggs in one basket risk