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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 13 times.

Post: Newbie in Grand Rapids, MI - small apartment buildings

Account ClosedPosted
  • Rental Property Investor
  • Grand Rapids, MI
  • Posts 13
  • Votes 4
Originally posted by @Ki Lee:

A lot of great advice so far.  Do you have any real estate experience?  Single family rental?  Duplex?  I do think that apartments are within the reach of a relatively new investor, but as a brand new investor, you will have more challenges.  Having said that, it is doable.  The most feasible way is to partner with a mentor. As @Mack Benson mentioned above, one of the best ways is to find someone that you can add value to.  It's hard to just ask someone to take you under their wing.  You need to figure out how you are going to legitimately add value to the relationship.  Depending on your situation, you may provide the hustle and/or money, and your mentor can provide the guidance/experience, etc.  I actually made a pretty big jump from 5 units to 60 units, but I had some real estate background before making that jump.  Feel free to DM if you want to connect and ask questions

Thanks @Ki Lee and @Mack Benson! Probably a really silly question but what are the complicating factors of a theoretical five to ten unit apartment versus five to ten single family and/or duplex doors? Seems like a common theme. I imagine it a putting proper systems in place issue but am interested in your thoughts?

Post: Newbie in Grand Rapids, MI - small apartment buildings

Account ClosedPosted
  • Rental Property Investor
  • Grand Rapids, MI
  • Posts 13
  • Votes 4
Originally posted by @Eric Johnson:

What purchase price are you looking in? Depending on your strategy, sticking to 4 units may be a good idea since the 5-15 unit range is an awkward asset-class... 

 Thanks for the reply, I am interested to hear more about why it is an awkward asset-class. Is that mainly from a financing perspective?

Post: Newbie in Grand Rapids, MI - small apartment buildings

Account ClosedPosted
  • Rental Property Investor
  • Grand Rapids, MI
  • Posts 13
  • Votes 4

New investor looking for advice pertaining to small apartment buildings (5-10 units) near Grand Rapids, MI. What do I need to know about my first apartment building purchase? Or mistakes to look out for?

What is the best way to find a mentor in this space?