Building or buying a small multi family property ?
I'm currently a custom home builder in Midland, TX and I'm wanting to invest in small multi family properties . I'm torn because most of the properties I see for sale were all built many years ago. In my eyes they are expensive, old, outdated, not energy efficient and have numerous other issues. I think to myself; with my experience in new construction, why not build my own small apartment complex? I'm not talking about a huge complex, more of a boutique style. If you build new, you'd already have the equity in it since you built it for your cost. I have no experience in multi family but I feel in my heart that it is a great investment. I would like to hear everyone's input on the pros and cons of building vs. buying small multi family properties.