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Updated almost 3 years ago,

Account Closed
  • Accountant
  • San Diego, CA
551
Votes |
1,250
Posts

First time MF buyer from out of state .... red flags?

Account Closed
  • Accountant
  • San Diego, CA
Posted

Hello Bigger pockets! 

I've been part of the forum for about 3 years now, and have finally decided to take action on buying my first property as a GP. I have chosen the Cleveland area as I would like to purchase something near where a friend has bought his apartment complex. I've done a few LP deals with them, and am looking to JV on anywhere from 30 to 50 units.

At this size I was wondering: 


Is there usually an on-site manager? 

What is a good expense ratio for a complex of this size? Does 40% sound to good to be true, is it more 50 or 55%? 

Anything else Im not asking that i should? 


Thanks a bunch guys! 

Zack

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