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Updated about 8 years ago, 09/18/2016

User Stats

5
Posts
1
Votes
Daniel Barnes
  • Investor
  • Rockwood, TN
1
Votes |
5
Posts

Are my fears about Apartments logical?

Daniel Barnes
  • Investor
  • Rockwood, TN
Posted

Hello, I've recently only dealt with SFH's but, my main goal is to invest in apartments only. I'm getting ready to buy my first apartment deal. A 10 unit apartment that consist of two buildings. They both need some work and I'm looking to put about 60k into the rehab but, I'm only paying 130k for the apartments. Rents are $500 per unit in my area and that seems about right and even a little low for what other apartments are renting for. My concern is that I'm going to have a hard time finding tenants that I'll even want to rent to and I might have to settle for ones that are more headache than there worth, just to keep them occupied. My area isn't experiencing much growth but, has always been really easy to rent out a SFH. I really want to turn these apartments around and make them into something people will feel lucky to have the chance to live in them. Is this a logical concern or am I just getting cold feet because I'm jumping into the unknown? I just don't know if this is an apartment town or more of a SFH town.

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