Buying Apartment Buildings: What You Need to Know to Start an Apartment Business
Business Overview:
If the idea of investing in lucrative commercial real estate sounds like the business for you, consider buying apartment buildings and jumpstart your future. Buying an apartment building can be an excellent way to look after your financial health, and it can sometimes be started as a second-income job. There are so many opportunities to get into the apartment business—especially with the number of building foreclosures and the availability of low-interest loans—that now is the best time to learn more about apartment building investing. With a little guidance on how to buy apartment buildings, where to get your start-up capital, and how to manage the business once you buy in, you can be on your way to successful apartment building business ownership in no time. The best part of this business idea is that it can be extremely profitable in both a secure economy and in a shaky one. Like a game of Monopoly, you can grow your business at the rate you’re comfortable with—you can own and operate one small apartment building if that suits you, or you can construct your future with one building after another. Whatever your goals, the apartment building business can be your ticket to financial freedom.
A Day in the Life of an apartment building business owner:
This business certainly will have its share of bullet points on your To Do list if you want it be successful. Though your tasks will differ depending on if you run the building or if you have a building manager, you will certainly want to keep abreast of the legalities of property rentals as well as the financial viability of your property’s tenants, and you’ll want to do this as part of your regular tasks. You will also want to make yourself available to your tenants or check in with your building managers on a daily basis to ensure the smooth running of your building. Of course, you will spend a good chunk of your time keeping your records in meticulous order and tending to any prospective tenants or maintenance issues that crop up.
About Your Customers:
Your customers in the apartment building business will be individuals, couples, and families seeking apartment-style living in a safe, clean, and affordable rental building.
What You Need to Start:
- A commercial realtor
- Financial-tracking software
- A loan to buy the property
- Insurance
- A handyman
The Good:
- One small building can be profitable enough to become your sole source of income.
- You can turn one property into a series of property ownership and increase your profits considerably.
- Though it takes hard work, the apartment business can be an exciting venture with very tangible returns on your efforts.
The Bad:
- Finding a solid property can take time and effort.
- If you are the building owner and manager, you will need to ensure the proper daily maintenance of the apartments. This can be a full-time job.
Resources:
- National Apartment Association
- Building Owners and Managers Association International
- Bureau of Labor Statistics on Property, Real Estate, and Community Association Managers
- Wikipedia on Real Estate
About The Author
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