Apartments 10+

[David P.]

I have been an active investor in single family/duplex across two states for 7 years now and want to move into larger multi-unit 10+ apartment buildings. I have been reading many forum postings and listening to Podcast here on BP and have found a lot of great information but still have not found all the answers.

1. I am looking for advice/pit-falls of owning larger units - advice. This would be hands-off management as I would hire a property management company and most likely be living in another state.

2. With my current properties, I want to leverage this equity for a 10+ unit. I don't wish to re-finance due to the extremely low rates. The properties cash-flow nicely, but willing to look at 2nds/HELOC on these properties if possible. What type of commercial financing would be good to utilize this equity/cash flow from these properties?

3. Looking for mentors that deal with larger properties that I can bounce ideas off. As many post suggest offering something to mentors as well: I am currently in the IT industry and can offer advice; but is open for discussion.

Thank you in advance for your time and knowledge!

[Brandon Turner]

Hey @David P. - I have a 24 unit and I love it. I have a resident manager in place, and he does 90% of the work there. The biggest thing I've found is that no matter how good you are at being a real estate investor - it's more important to be able to manage people. I'm not real great at it, so that's the continual struggle for me!

As for the financing thing - I know of local banks who will fund larger purchases by putting lots of houses with equity as collateral - so I'd assume it's just a matter of talking with enough banks.

Hope that helps at least a little! Hit me up anytime if there is anything I can help answer!