I LOST THOUSANDS On This 24 Unit Apartment Complex | Buying Rental Property Out Of State

I LOST THOUSANDS On This 24 Unit Apartment Complex | Buying Rental Property Out Of State

In this video, I share my recent experience going into escrow to start buying an apartment complex out of state.

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With out of state real estate investing or any multifamily investing for that matter, it's important to do proper due diligence including financial, physical and legal due diligence. The reason for this is if you're trying to buy multifamily property, many times you'll come across a lot of expensive fixes so it's best to discover these before you get past your due diligence period with proper inspections. Also, when buying an apartment building, especially of this size, you really want to take the time to look over the financials and leases and make sure all the actuals match the numbers they have been stating or projecting from the start.

Having a team on the ground to help you out is especially important with out of state rental property. I was able to use my broker and property manager to help give me initial feedback along with contractors and inspectors later down the road. So having my team in place was essential. Also with out of state real estate investing, I always make sure I know an area inside and out before I ever purchase an investment property there.

Although things didn't work out with this deal, multifamily real estate investing is a great way to scale a real estate portfolio and I know there will be more opportunities in the future to go after.

#RealEstateInvesting #MultifamilyRealEstate #LongDistanceRealEstateInvesting

Видео I LOST THOUSANDS On This 24 Unit Apartment Complex | Buying Rental Property Out Of State канала James Allen