Is it a good idea or bad idea to buy an apartment complex as your first real estate purchase?
As always the answer is it depends. Is it categorically a bad idea? Absolutely not, it's a great idea. But if you're not prepared, have inadequate reserves, underestimate repairs, don't have a good team, and so forth, it'll be a lot tougher.
Partnerships are a great way to help reduce your risk by leveraging the experience of others. Are you planning to partner with someone more experienced?
Be prepared to learn a lot and make sure you have a great team in place! Your first deal might not be a homerun but the knowledge you gain will be worth 100 times more.
It is not a bad idea but it is better to partner with someone who already have experience in that asset class. This will lower the risk of doing mistakes that could have been avoided if you have someone who has more experience and can give advice along the way.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you