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The Water Cooler
General Discussion
Should I buy this apartment investment property?
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<blockquote data-quote="_CY_" data-source="post: 2907033" data-attributes="member: 7629"><p>$3250 divided by 4 = $812 per unit .. does that incude utilities? separate electric meters? separate or water on common? window AC units with heater? appliances? etc. etc. what's the age of property? ... think in terms of repair cycles like how old is the roof? when is the AC due for replacement? etc. etc. apartments are a maintenance nightmare ... that $812 per unit goes away quick if/when you have to pay for utilties/maintence/property taxes/insurance etc. etc. etc.</p><p></p><p>what would you do to support debt service if say 1/2 of your units goes empty? can you handle costs of a new roof? new air conditioners?</p><p></p><p>you may not need the living space now, but in short order that could/will change.</p><p>go with single family houses .. much easier to sell/purchase come your turn. much better to invest in 10x houses or whatever.</p><p></p><p>a typical buyer for a single family will only need about 5% down or less depending upon special programs like first time buyer, etc.</p><p>commercial properties are much harder to finance .. typically 25% to 30% participation/down payment on purchase price or appraisal, which ever one is less .. in short it's much harder to find buyers with good enough credit/30% down payment come your turn to sell.</p><p></p><p>again ... pass on the small apartments but do invest in more houses!</p></blockquote><p></p>
[QUOTE="_CY_, post: 2907033, member: 7629"] $3250 divided by 4 = $812 per unit .. does that incude utilities? separate electric meters? separate or water on common? window AC units with heater? appliances? etc. etc. what's the age of property? ... think in terms of repair cycles like how old is the roof? when is the AC due for replacement? etc. etc. apartments are a maintenance nightmare ... that $812 per unit goes away quick if/when you have to pay for utilties/maintence/property taxes/insurance etc. etc. etc. what would you do to support debt service if say 1/2 of your units goes empty? can you handle costs of a new roof? new air conditioners? you may not need the living space now, but in short order that could/will change. go with single family houses .. much easier to sell/purchase come your turn. much better to invest in 10x houses or whatever. a typical buyer for a single family will only need about 5% down or less depending upon special programs like first time buyer, etc. commercial properties are much harder to finance .. typically 25% to 30% participation/down payment on purchase price or appraisal, which ever one is less .. in short it's much harder to find buyers with good enough credit/30% down payment come your turn to sell. again ... pass on the small apartments but do invest in more houses! [/QUOTE]
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