how to buy your first apartment building 

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Investing in your first apartment building can be a nerve-racking experience Many people drop out in the process between having the idea of buying an apartment building and actually making the purchase.

Pros of Apartment Buildings

Multifamily investments can provide passive income to their investors. In addition, they lend themselves to professional property management much better than single-family residences because of their scale.

Cons of Apartment Buildings

Compared to office or retail, apartment buildings have a lot more day-to-day management and issues. The customer pays for all upgrades and maintenance of the property.

The Steps of Buying an Apartment Building

There are 7 steps to buying an apartment building. Each step has its own process and challenges.

Shopping the Properties

You might start simply by looking on Loopnet or the MLS and running your own pro forma numbers when shopping properties.

Make an Offer

Depending on what size of the apartment building you are looking at, this could be in the form of a Letter of Intent (LOI), or it could be a board realtor contract.

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