Thinking of Buying a Large Apartment Complex

[Lavada Lindsey]

Hi All. I once heard on the Bigger Pockets podcast that the bigger the deal the easier it is to get funding for because most people simply don't have the kind of money it takes to do a big deal and therefore it is reasonable to seek financing for this type of deal.  For this reason lenders look at the income potential of the property rather than the applicant's finances. The other day I was browsing listings  and found a 79 unit apartment building. I've always been the type of person to think big and I started thinking why shouldn't I buy this building. But it's a scary thought. Am I too much of a newbie to tackle such a challenge? (I have only one single family rental unit under my belt so far.) Who will lend me this type of money? They did not disclose the price but I could only imagine. What are some of the other expenses I would incur if I own this type of property? I know that I would need a landscaper, maintenance crew, property manager/assistant(?), but what am I missing? What other aspects of owning such a large property am I missing? Someone please either let me know if I'm absolutely out of my mind for even thinking about this or give me some insight into how such a deal can be done?