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Updated almost 3 years ago,
First time MF buyer from out of state .... red flags?
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