Buying an Apartment Complex with group investing

[Jacob Winkler]

Hi Everyone,

I want to buy a medium-size apartment complex in New Jersey, probably in the $1-2 million range.  I will have some managing partners and some limited partners. The limited partners will be passive investors who will provide capital and receive their money back with interest, plus a small amount of equity. I'm just getting started researching potential properties and building the team. I'd love to hear what other people have done, connect with people who are interested in being partners, and receive any encouragement, advice or feedback you may have.

Thanks!

[Nik Corbaxhi]

@Jacob Winkler, I only know of one person that has dome something similar and it did not work out for him at all. The partners were not making payments on time and many times he found himself doing the heavy lifting until it all went south, the market tanked, and they sold and all took their loses.

I don't mean to sound negative here and that might not be the case here, but if I were you, I would vet these partners very carefully to make sure they are good for the investment. This also depends on whether you are taking a mortgage or buying cash. Also, make sure you get all agreements with legal advice, so there is no room for interpretation tomorrow.