Dear Bill, I’m interested in buying an apartment complex, it’ll be my first one and I will use to live in also, any tips aside from your article that you can give to a first timer?
I’m a real estate investing writer and analyst at Fit Small Business and also an investor myself. I recommend doing your due diligence, researching the neighborhood, finding out fair market value rents, get an inspection on the apartment building and find out about any code violations. Also, take a close look at the rent roll and see how long the tenants have lived there, what they’re paying, their payment history and how much security deposits each of them left. Remember to ask for average common area utility bills too so you know what to expect. Also, check out loopnet.com for apartment buildings.
All the best,
315 Madison Avenue, 24th Floor
New York, NY 10017
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