Looking to purchase a MultiFamily Apartment

[Chris DaSilva]

Hello, I'm an avid Single Family Unit investor and looking to spread my wings and money into Apartments.  Starting small - 8 to 15 units.  I'm curious if I should get a lawyer involved right away after I look at the place and analyze it. 

Also, the apartments are B/C quality so would probably need some updating - good place to start?  Hard to find A/B that make the return for cash flow.

Any advice would greatly appreciated.

Chris in Canada

[Greg Scott]

Hello neighbor.

You shouldn't need a lawyer until that point at which you have a letter of intent accepted and need to start working on the purchase and sale agreement.

Are you familiar with apartment evaluation / modeling?   You may want to get some education first.  With your single family experience you should do great, but if you don't know the major differences between SF and MF you can get in trouble.

Do you come over to Detroit?  I put together the occasional RE meet up, including apartment investors.   Let me know if you are interested.