Buying an apartment complex

[Grant]

I'm considering purchasing a local apartment complex that has a lot of apartments with paying tenants. I feel like this would be a good move for me. Has anyone here ever owned an apartment complex? How was the upkeep and dealing with all the tenants?

 

[Alexandoy]

My grandmother used to have a compound with apartment units, I think there were 6 aside from the ancestral house. The rent serves as the budget for the overhead in the household so it is like having free food for the big family. My dream is to have an apartment of 4 units which would be our added income for the meager pension.

 

[Setfragil]

I am yet to own an apartment complex but my grandfather owns one. He had some good tenants in the apartment but sometimes he did charged them to court for one reason or the other ranging from owing months of rent to damaged to properties.

 

[Trexxxy]

Sounds like a great idea, in terms of investment. I think you need to understand and prepare your mind as not all the tenants will be tolerable. Overall, it is a great investment.

 

[Kunkun]

Any investment in real estate is a good investment for me, if you can definitely afford to then go ahead because it's a major form of passive income so go ahead

 

[richee84]

Buying a house mainly for commercial purposes is a very good and long term business. The profit don't come immediately but gradually. The main challenge there is the management of such building and the occupant tenant cause managing people is quite difficult.

 

[Kingsley]

This is indeed a wise investment decision as this will provide the investor will a very long term reward. Infact investing in landed property provides the investor with a wide range of opportunity so is investing in apartment complex. The reward will be a long-term one.

 

[tyrim88]

Investment in an already built structure is not a bad idea,but what you have to understand is that the profit cannot be just calculated just like that,because you might have some very difficilt tenants.And on maintanance you have to do it regularlly to continue to make the property attractive.

 

[Senator]

Having an apartment with rooms in them for the purpose of putting it up for rent is a good thing to do as that in itself can serve as another avenue to generate income for your personal upkeep

 

[Sotherefore]

Well I do not know the best advice to give you now because if I was in your situation I will not do it that way I'll just buy a land in the location I like and start building my own house as I do not have any intention of buying already build property for the reason best known to me.

 

[tyrim88]

buying an apertment is the inthing for me than buying a land as this will mean that i will have to go through the huddles of doing a fresh development on the land,and the time also is another thing to look out for.

 

[Mostee501]

Buying an apartment isn't a bad idea because when you come to think of it,its a long term investment that might come in slow but it sure pays

 

[Bookwormlux]

Sounds like a great idea, in terms of investment. I think you need to understand and prepare your mind as not all the tenants will be tolerable. Overall, it is a great investment.

Handling these set of tenants is not something hard. You simply state your terms and conditions, anyone who's not comfortable can leave the apartment.

 

[Kelly5]

That's a good one there too. For as long as you can get tenants in there, everything should be looking up okay and good for money and business doing that. It's all part of investment

 

[eLdavis]

I'm considering purchasing a local apartment complex that has a lot of apartments with paying tenants. I feel like this would be a good move for me. Has anyone here ever owned an apartment complex? How was the upkeep and dealing with all the tenants?

I dont own one my self tho one day i hope to own a property of my own. But i do know people that have experience in these field. You are going to come across different kinds of people, some do not know how to handle property with care, you will also find the ones that feel it is the duty of only the landlord to fix any fault

 

[Kayzzy3]

I'm considering purchasing a local apartment complex that has a lot of apartments with paying tenants. I feel like this would be a good move for me. Has anyone here ever owned an apartment complex? How was the upkeep and dealing with all the tenants?

That is a very good move, and if you can and the seller is willing to sell it will be a very profitable investment for you.

If this complex is located close to a city or a tertiary institution, it will go out on rent fast because in those areas demand for houses are very high.

You should also have a look at the level of refurbishment work needed on the apartment before agreeing on a price.

 

[Shigobad2020]

I'm considering purchasing a local apartment complex that has a lot of apartments with paying tenants. I feel like this would be a good move for me. Has anyone here ever owned an apartment complex? How was the upkeep and dealing with all the tenants?

Dealing with tenants is like dealing with customers , we have good tenants and we also have bad tenants, so getting an apartment and using it for rental is a welcoming development and a good business strategy.

 

[Trexxxy]

Handling these set of tenants is not something hard. You simply state your terms and conditions, anyone who's not comfortable can leave the apartment.

I agree, it seems easy on paper, when you actually get to deal with them one on one, then you know there are some intolerable and frustrating tenants out there. I get your point. I think the agent or owner should take charge from the start.

 

[Sariana23]

This is an excellent idea. I have a relative with rental properties which gives him peace of mind in any economic situation that may arise. Just make sure they are good tenants and keep the property in good condition.

 

[Sotherefore]

Is it ok to buy it but why can't you just go ahead and build your own apartment in a way that you would like because to me I think it will be very difficult for you to see an apartment that you will like, the design and other things may not be exactly what you needed.