How did I buy a multi-million dollar apartment complex?
With my brother’s degree in Economics with a focus in real estate, our third partner’s Masters in Accounting and his CPA, and my degree in Marketing, paired with our strong experience in real estate and construction, we came the conclusion that the following points were the general guidelines of what we were looking for in a multifamily asset.
How much does it cost to build 3 story apartment building?
Cost to Build a 3-story Building 3-story apartment buildings are most likely wood, with a brick or stone veneer, so their building costs are generally lower. Assuming 2 – 4 units per floor, this would cost $3.1 – $3.4 million to complete.
How many apartment complexes do fix and flip own?
Pair that with 17 fix and flip properties, and we were fortunate to have the ability to pursue our larger goal of buying apartment complexes while also maintaining our existing portfolio. To get to this point was hard!
When did I buy my first apartment complex?
That junky old house was the first piece of true investment real estate we ever bought. That property kicked off the journey that four and a half years later led us to the purchase of a multimillion-dollar apartment complex.
How much does it cost to buy an apartment?
What we found is in the price range (up to $3 million), it seemed buyers were willing to pay outrageous prices. We heard from many brokers that buyers under $3 million were high income earners, buying mainly for tax benefits. This allowed them to be comfortable paying far more than we were willing to.
When to create a LLC for your rental property?
If you own your property as an individual and someone files a lawsuit against you, then your personal assets are at stake. However, if you create an LLC, then the only assets at stake are those owned by the LLC. In other words, your rental property is the only asset at stake and not your personal finances. 2.
Do you need a LLC to invest in a property?
LLCs are a hot topic with new investors. If you’ve been investing for a while, you probably invest with an LLC. But is an LLC (or “limited liability company”) worth it for a new investor? Maybe you haven’t done a deal yet, and you’re about to do one. Should you be using an LLC for rental property? Or maybe you have a few deals already.
