1st time apartment owner

[Steve Rugg]

Hello, I live in California and my partner and I currently own and manage 20 doors in Missouri (a mixture of fourplexes, triplexes, duplexes, and SFRs). We recently took the plunge into larger multifamily. Our offer was accepted on a 40 unit apartment complex and we are currently in our diligence period. He is local in Missouri, so that helps tremendously, but I just wanted to reach out to the community here and see if anyone out there was willing to share some experiences with apartment investing. The numbers look good. We have financing lined up with 25% down. It is a value-add deal. It currently has 4 vacant units that need to be rehabbed immediately. Our plan is to renovate all of the units over the next 2 years, take better control of the management, and increase the rents by at least 15% (they are currently under-market). We have some inspections set up next week as well as a meeting with the current owner and property management company. I'd love to hear anything anyone has to share or recommends... THANKS!