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

Feb 2, 2017

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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

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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