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Updated about 10 years ago,

User Stats

260
Posts
99
Votes
Robert Nason
  • Lowell, MA
99
Votes |
260
Posts

Buying versus building investment properties

Robert Nason
  • Lowell, MA
Posted
I'm in an unusual situation, I recently sold a 4 unit commercial investment property. I attempted to do a 1031 exchange and the properties fell through. I am now looking to purchase 10 to 20 unit apartment building in the $2 million range and there's nothing in my area. I own a totally renovated eight unit building and I'm considering building a 20 unit in a vacant lot that I own right next-door. The problems are that while the neighborhood is rapidly up and coming with a brand-new courthouse, brand-new health center, brand-new art center, huge university presence there is still a level of transients in the area that make me Worried about a building there. But I figure I already own the property so I might as will capitalize on it and I can't find anything to purchase, so is it smart to build? My 8 unit loft building I've been at 100% occupancy since purchasing it only two years ago, I've increased rents from 7K a month to 12K per month.

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