cover of episode 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray

212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray

Publish Date: 2017/2/2
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BiggerPockets Real Estate Podcast
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Shownotes Transcript

    <p>How much does it cost to buy a large apartment complex? Millions? Think again! On today’s episode of <a href="https://www.biggerpockets.com/podcast">The BiggerPockets Podcast</a>, we’re excited to welcome back <strong>Brian Murray</strong> to the show. Brian, who was last seen on <a href="https://www.biggerpockets.com/show126">episode 126</a>, has done some pretty amazing things over the past several years — including purchasing a <strong>115-unit property that cost him nothing</strong> out of pocket (and, in fact, he walked out of closing with a massive check!). Whether you are looking to buy one house or a 100-unit property, this podcast will inform, motivate, and inspire you to massive action.</p><p>In This Episode We Cover:</p><ul>
  • What Brian has been doing since his last episode
  • The definition of “value-add” in real estate
  • Different ways to add value to a property
  • The story of how he turned an old motel into studio apartments
  • How Brian gets his tenants and the kinds of screening he uses
  • Why he focuses on keeping rents low
  • The location of these rentals
  • Why you should consider the “transient work force”
  • Details on how he got this deal
  • A discussion on raising money and working with partners
  • Tips for finding properties
  • How to handle agents and brokers
  • The story of the 115-unit Section 8 apartment complex
  • How a HUD contract crushed him
  • Whether you should consider managing a HUD property or not
  • How Brian sold the property for $3.2 million
  • His advice for aspiring investors
  • And SO much more!

    • Links from the Show

    Books Mentioned in this Show

    Tweetable Topics:

    • “It’s about the journey and I definitely don’t want to feel that I’m lock into something, like some arbitrary number.” (Tweet This!)
    • “You don’t want to take on more debt than you can handle.” (Tweet This!)
    • “If somebody says no, don’t give up. Try somebody else. Keep trying.” (Tweet This!)

    Connect with Brian

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