Last week, we closed on a 49-unit apartment building located in Elizabethtown (just outside of Lancaster, PA). The property, Savoy Shoe Factory Apartments, is a loft-style apartment complex located adjacent to the train station. The site was built as a shoe manufacturing operation in 1935 and was converted to loft apartments in 1996. Unit layouts are unique, consisting of many bi-level apartments, stainless steel appliances, spiral staircases, large windows, exposed brick, and a large courtyard complete with a play area and two gazebos. All units have individual entrances, and all but a few have a private deck.
We are very pleased with this acquisition. On the journey to closing, we learned a lot of invaluable lessons. In today’s video, I share these lessons with the hope you can apply these to your buy and hold purchases. I hope you enjoy the pictures I have included as well!
The 20 Best Books for Aspiring Real Estate Investors!
Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.
3 Lessons I Learned by Closing on a 49-Unit Apartment Building
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Thanks for watching and have a great, profitable week!