Chances are, you clicked on this blog because you’re looking into buying an apartment building. That’s great! After all, a great way to go about building wealth on a long-term basis is through multifamily investing. There are probably already several multifamily properties in your assets. It’s been tough searching for another investment property, though.
Read on for some ways that you can go about finding apartment buildings for sale:
Do you know exactly what you’re looking for? This may seem like an odd question since an apartment building complex has been mentioned already. However, there’s a little more to it than just knowing you want to buy an apartment. Determine the following factors in order to better refine your search:
- The amount that you are ready to invest – Budget plays a big role in any facet of life, but especially so when investments are involved. If this is a solo endeavor, then it could be a particular figure (for example, $375,000 to buy an apartment building worth $1.5 million). When there’s an apartment syndication deal in the plans or if you have partners that you’ll be investing with, then there’s likely some flexibility there. That will depend entirely on the profitability that the property could possibly bring in. Additionally, your partners’ or other investors’ level of interest will also play a factor in the flexible budget.
- Location that you hope to invest in – It could be one market or three; moreover, there are multiple submarkets under all of that. When looking for places with ideal rent growth potential, remember that submarkets should be the priority instead of markets.
- Property size and class – There are various skills and interests depending on investors. Class B properties and class C buildings will likely appeal to two different kinds of people. Additionally, it’s key to decide how many units the property should have early on.
What is the best way to go about finding multifamily properties?
- Getting in touch with commercial brokers
- Reaching out directly to building owners
- Online marketing, network groups, and similar methods
- Taking mentoring and advice from local real estate investors
- Using LinkedIn as a way to network with others
You may also want to look into building a personal brand if you don’t already have one of your own. It will help in the creation of a pipeline that’s all your own, which will lead to deals coming your way organically.
LinkedIn has a feature that allows for the sharing of blogs so you can write there. Create a YouTube channel about real estate tips and your experience. Start a podcast. Whatever you do, make sure you leave a mark and have people wanting more. Developing a major following can open the door for more leads, more connections, and maybe even direct owners being the ones to initiate contact.
Conclusion
Buying an apartment is a great way to go about building long-term wealth. However, a number of factors should be considered, such as budget, location, and the property’s size and class. The best way to find apartments for sale includes networking, getting in touch with commercial brokers, and direct contact with building owners.
Looking for an apartment complex for sale? Check out Buying Apartment Buildings today! We aim to help clients buy and sell apartment complex buildings.