212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
How much does it cost to buy a large apartment complex? Millions? Think again! On today’s episode of The BiggerPockets Podcast, we’re excited to welcome back Brian Murray to the show. Brian, who was last seen on episode 126, has done some pretty amazing things over the past several years — including purchasing a 115-unit property that cost him nothing 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.
In This Episode We Cover:
- 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
- BiggerPockets Forums
- BP Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
- How I Bought a 115-Unit Apartment Complex with NO CASH
- Path to Purchase
- Loopnet
- Jay Hinrich’s BiggerPockets Profile
- Bill Gulley’s BiggerPockets Profile
- Pioneer Woman Cookbook
Books Mentioned in this Show
- Crushing It in Apartments and Commercial Real Estate by Brian H Murray
- The Book on Rental Property Investing by Brandon Turner
- The Obstacle Is the Way by Ryan Holiday
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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