Buying your first apartment?

[Patrick Flanagan]

Good evening bp members! I’d like to hear a few stories and get some advice on how you guys landed your first apartment complex. How did you guys actually buy your first deal? Did you have a partner? Or did you do the deal all on your own? Did you find the deals off market? Or on loop net? Etc... I will be in a position to put a down payment on a apartment in the next year, and I’m trying to learn everything I can about them before I pull the trigger. Thank you a head of time!

[Bjorn Ahlblad]

@Patrick Flanagan so we have duplexes and were wanting to get more doors. I had offered on a couple of 10 and 12 unit buildings; but other buyers were always will ing to pay more. I looked very thoroughly in my area-I invest within an hours drive. Loopnet, off market leads etc. I found this building on the MLS, a 12 unit that ticked all the boxes. Got a rent roll, 5 years financials, read the leases etc. We had the place professionally inspected, met tenants, the owner etc. Offer was accepted and so on. It has proven to be an excellent buy. Great tenants, well maintained, no real hiccups. We refurbed a couple of units on turnover, all in all a pleasant experience. Knock on wood. Get all the details and go through them with a fine tooth comb. Take nothing for granted, believe no one, verify everything right down to deposits at closing etc.