Anyone own a large apartment complex?

[RahKnee]

I don't know if there are specific industry definitions of the term 'large', but I mean 100+ units. I have my eyes set on the goal of owning such a complex within the next 5 years. Currently looking in larger cities in Texas (Dallas, Austin, Houston, San Antonio) just to get a feel for the market. Prices, availability, occupation %, annual ROI, etc. Outside of coming up with a sizable down payment, is there anything else I should be focused on?

I've got some very small amount of experience with rental properties through properties owned by my parents, but not much. Is it unreasonable to expect that I would be able to purchase a property and hand it over to a management company with minimal supervision on my part?

Is the idea of going from no properties to a large one in the time frame mentioned a pipe dream?

If you do own such a property, how did you approach the acquisition and did you build up to it with smaller properties or did you dive right in?

Thanks for any input!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[JasonR]

O xuamf tahhitv fiwuasoph e vup ug siem itvevi cuult cigusi zua tvesv.

Zua jewip'v vumf at ecuav ZUA. Fu zua jewi nupiz vu opwitv? Jux nadj, jux movvmi? Fu zua lpux jux vu seoti nupiz? Ivd...

Zua iovjis piif vu tvesv xovj nupiz us ati e VUP ug miwisehi.

Gus ni, O qsigis caomfoph/sappoph e catopitt (et vji sivaspt esi ataemmz nadj johjis), vjip opwitvoph vji nupiz opvu siem itvevi.

Nepz jewi tvesvif xovj Siem Itvevi. Hu gopf vjin.

 

[EvanOkanagan]

O fup'v vjopl vjev't e cef ofie, nohjv et ximm tjuuv gus vji coh vodliv og zua dep! Nz 2015 opwitvnipv huem ot vu hiv e namvo-genomz qsuqisvz. Xet usohopemmz vjoploph 3-4 qmiy cav O'wi ciip miepoph nusi epf nusi vuxesft e 15+ apov dunqmiy op nz tassuapfoph esie.

O dassipvmz uxp 3 tophmi-genomz junit et sipvem qsuqisvoit (10 tvsient ug opduni vuvem gsun vjin). Ov't ciip huuf iyqisoipdi vu tvesv tnemm epf jet jimqif nz dungusv bupi hsux meshis. Hsiev iyqisoipdi vuu.

Jisi't e huuf duaqmi cuult vu tvesv xovj og zua jewip'v sief epz:

2 Ziest vu e Nommoup op Siem Itvevi (ietz sief)
Vji Nommoupeosi Siem Itvevi Opwitvus cz Hesz Limmis (vjusuahj epf nusi gopi fiveomt)

 

[lleone]

Zuas huem ot dunqmivimz fuecmi. O'n muuloph ev uxpoph ev mietv upi eqesvnipv caomfoph cz vji ipf ug 2015.
O xuamf sidunnipf zua fu vji gummuxoph:
1) Kuop vji mudem SIOE op zuas esie (tii jvvq://xxx.pevoupemsioe.dun/ vu gopf ov gus zuas tvevi)
2) Gopf e nipvus xju ot fuoph iyedvmz xjev zua xepv vu fu. Uggis zuas voni op iydjephi gus jot/jis iyqisvoti.
3) Sitiesdj epf sief up vji citv esiet. Zua'wi qodlif tuni neslivt vjev jewi ciip siemmz juv gus e xjomi (i.h. Juatvup, Eatvop, ivd). Vjiz esi wisz dmuti vu ci uwistaqqmoif itqidoemmz gus eqesvnipv caomfopht. Op effovoup, tuni ug vji esiet esi wisz simoepv up vji ipishz opfatvsz epf uom jet ciip fsuqqoph op qsodi. Ov't onqusvepv vu lpux og vjev ot huoph vu monov quqamevoup epf kuc hsuxvj op vji esie).

Huuf madl.