I am new to the idea of investing in real estate (specifically multi family apartment units for investing) and like most others here, find it very interesting with the investment opportunities. I have a few what I can only imagine are viewed as rookie questions as this is my first time really diving into the topic. Any help or guidance would be appreciated:
1. Can you use a regular real estate broker to find multi family apartment complexes for an investment purpose?
2. What all types of people do you need to complete a deal? I.E. Accountant, lawyer, real estate agent, etc.
3. For people that have had success with investing in multi family units, do you use a property management company? If so, why, if not, why not?
I'm sure I have a ton of other questions that I cannot come up with for now, but again, any insight would be appreciated, thank you in advance.
hi @David Capperino! If you're considering multi-family (2-4 units), you can leverage a local area expert Realtor to look for MLS deals, educate you on the market, advise, and provide negotiations. As a buyer in most situations, you owe nothing for leveraging a Realtor as the sellers of the property will be paying both the listing agent's commission as well as the buyer's agent commission. If you're considering commercial property, like an apartment complex, the process is the same, only you'll need to use a commercial broker. They have a second level of certifications. Where are you considering purchasing your investment property?
In terms of property manager, it depends on the property size, age, proximity to you, your availability, knowledge of local RE laws, and ability/desire to manage tenants. Consider your long term plans to decide where is your time best spent?!
@Amanda Fallon Thank you for replying! Yes multi-family as in multiple units, but am hoping for upwards of 16 units (not sure if they are still called "multi-family" at that point). I had a hunch about the realtor situation, thank you for clarifying. I am looking in the Colorado Springs / Chicago area.