Newbie here!

[Sean Perinuzzi]

Hello BiggerPcokets! This is my first post on this site! I've been listening to the BP podcasts for some time now, and have been very anxious to find a good deal that I can jump on ; I think that time is now! I found a potential property in Columbus, OH located just 12 minutes away from Ohio State University by car. It's a 14 Unit apartment complex for $500k with the potential to net $5k/Month. It was newly renovated within this past year and is in great condition. I don't want to assume that there will be little to now rehab costs involved with this purchase, but I am hopeful for just minor touch-ups. I am looking to Buy & Hold rental units to build a great cash flow portfolio. I am aware that I am new to this REI but am looking to gain all the knowledge I can , to make this a profitable experience. What should be my main concerns if I were to get involved with this property , or things I should look out for? Any responses are greatly appreciated and I anxiously await your expertise! Also, Who on here has invested or is currently investing in either this neighborhood or surrounding neighborhoods that are profiting? Thank You! Sean Perinuzzi

[Brian Jordan]

Hi Sean, glad to hear you're getting started. I'm more knowledgeable about single family homes but am sure you'll get some great feedback from multifamily investors. We'd all probably need a bit more info to provide the best advice. Is the property a Columbus address or surrounding suburb? School district? Vacant or occupied? How many bedrooms per unit? Is it listed on the mls? If so, how many days on market? What's your gross rent per unit? 

My first thought is you're paying $35,700/door which sounds a bit high but would depend on the gross rents per door. You're netting about $357/door which could probably be achieved with a property significantly less than $500k. I'll be anxious to see the responses from the more knowledgeable multifamily investor. 

Best of luck!!!