One of the things I put a lot of emphasis on when I’m teaching multifamily investing or in my own business as an apartment building investor myself is on the NEED FOR A HIGH DEGREE OF PROFESSIONALISM.
Apartment building investors are expected to be very thorough in their planning and research phase before writing an offer to purchase. Stakeholders in the multifamily world expects investors to have done their homework much more than when investing in small rental properties one to four units because, of course, the stakes are higher. There’s much more capital at stake, not to mention your reputation.
I also advise my students to ensure they have multifamily professionals on their team before they venture into their first purchase of an apartment building starting with their realtor, mortgage broker, lender, building inspector and/or engineer and lawyer.
Well, for the first time ever I’m in the process of selling one of my properties and there...