Apartment Building But No Money. Tell me your thoughts!
Hello Everyone!
I've got an interesting property in my area that has come available that I don't see too often. It's a 54 unit apartment complex listed for $3,000,000. I still need to get more details but it looks like they are mainly filled with 2/1 & 2/2's Rent appears it could be between $700 - $800 per unit.
Little bit about my real estate experience. Over the last 4 years I have had multiple opportunities to manage multifamily units. At the peak I was managing 45 units and working a full time job. The units that I manage consisted of townhomes, condos & apartments. I would say I have B to C- properties. Knock on wood but I've only had to evict one tenant! Woo! My education and main work experience is in accounting and love the numbers game.
Main question and concern to my post is the money issue. I have some money but definitely no where the amount needed for a down payment. What have been some of your guys' strategies to get large properties like this with little money? Bring in other people? Owner financing? etc.
Anything is greatly appreciated. I'll try to get more info on this property.
Thanks! Logan