Anyone here own a 10+ unit apartment building?

[Ray L.]

My goal is to buy a 12-unit apartment building for around ~1MM. I was wondering if anyone would be willing to share their experience here.

How much total cash did you put in to buy the building (down payment, possible renovations, etc.)? What loan term did you get it in? What is the annual net profit relative to the total amount of cash you put in to the building? Do you regret anything?

Thank you!

[Bjorn Ahlblad]

I have a 12 unit two storey brick building, bought for 645k three years ago. Paid cash because I had the money doing nothing. I did some paint and landscaping to the building-nothing big. At turnovers, paint and flooring as needed and raised the rents heavily to the new tenants, existing tenants have had fairly light raises; revenue is up about 30k. 

Property is in a small town-16k. Rents average 775. Tenants pay electricity, I pay water. So far it has been working great-no delinquencies, no major problems, I regret not doing it sooner, but I was new to the area. Make sure you get Estoppel certs, all deposits and advance rents at closing, and get a professional inspection. Walk ALL the units, laundry, garage etc. Inspect the finances as thoroughly as you can. Make that a contingency-building and finances.  All the best!

@Ray L.