I have some single family home rentals already and I am very familar with rehabbing, etc. I want to move to the next level of apartments (multi-unit). Anyone know of a good training resource (DVD, CD, book, etc) I can purchase that describes how to buy, renovate, and rent multi-unit homes/apartments?
Also, there's a 4 unit building I am interested in purchasing, but it has a comment on it that says, "all tenants are being given 1st right of refusal" What does this mean? Is it a sign to stay away from this deal?
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Answerer 1
Jerry,
Although I would never discourage researching and self-learning of any subject matter, don't think buying a CD or one of the "Investing for Dummies" books will make you an expert in apartment investing & Re-habbing.
That said, I would strongly suggest you research your local commercial real estate offices. If you are in a major metroploitan area than look for a CB Richard Ellis or Marcus & Millichap office. If your in a rural area, do a google search. Call up and ask to speak with the manager and let them know you are a "Novice" Buyer looking to purtchase small distressed or "value added" apartment buildings from 4 units up. The manager will ask you a series of qualifying questions and then put you in touch with the broker he thinks could help you best (in smaller companies it could be one in the same).
Have them "hold your hand" through a few of their deals. Some brokers will blow you off others will be glad to spend a few minutes educating you if they think you are a potential buyer. Don't be afraid to ask questions and most importantly try to establish a relationship with them as they are the ones that spend their time trying to find deals and then matching buyers up.
Regarding your 4-unit deal, call the number on the sign and ask them to clarify the right of first refusal. I question the validity as to "all tenants" because what if two or more tenants want to buy the property? Which one gets it? Its not a sign to stay away from the deal but it does put up a red flag as to the sophistication of the Seller and a potential quagmire with the tenants. Tread very carefully.
Good luck!
- Rich EnderlinSource(s):
25 years of Brokerage/Property ManagementSign in to vote!
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