Learning the ropes on 50+ unit deal

[Rick Birkenstock]

Hi All -

Landed here from YouTube earlier today; brand new BP member.

I've bought/sold SFR property before - both primary residences and rentals. From my past experiences, I know I really don't enjoy being a landlord (in fact, swore it off after the last nightmare tenant). Hence, one reason why I'm interested in larger apartment complex deals (e.g., use the economies of scale to pay a property mgmt firm).

I could probably scrape enough capital together to get a loan for a solo deal but I'd make a lot of mistakes along the way. I'd rather partner on a deal the first time or two.

Seeking input from others who've been in my shoes. Did you go the silent partner route, active partner, or fly solo? What would you different if you could start over?

Looking forward to learning and networking here!

[Todd Dexheimer]

I have done both - it really depends on your goals and your partner. Right now I fly solo, but syndicate, so my partners are silent. I enjoyed partnership a lot because you can build off of each others strengths and weaknesses. For my partnership, ultimately it was time to split because my partner no longer put forth any effort. I would say partnering on your first big purchase - like a 50 unit would be a good idea if you're not comfortable with it or just want someone with experience. 50% of a good deal is better than 100% of a bad deal or no deal.