Finding a real estate agent to help buy small apartment complex.?

We have some investement money from my husband's family. We have been advised to look into apartment complexes. Can anyone guide me to resources for this kind of purchase/investment?

I should have said we are in the San Francisco Bay Area.

try
www.realtor.com
they have some small buildings as well as houses.
just click in what you want.
I would advise a good subdivision close to where you live..so if you have to go for repairs. A good subdivision because then you have a higher quality/class of tenants (I have done both as low cost housing and higher end). (I do allow some low income families in my better end rental..and try to be as discreet as possible of their situation).

I have a small complex and have a yearly renters meeting where issues are talked about. as rent, repairs, improvements, garbage , rebates, etc.

I just try to minimize the..complaints over the next 12 months...
mostly then..if i need something during the year i know who i can call..
it is also mandatory that they show for the meeting..

good luck

Being a licensed real Estate sales person in California, maybe I can be of help.
What state do you live in?

You can also find help at amazon.com by searching books for making real estate investments or buying income properties.

Before you sign a purchase and sales agreement do your homework. Go to the town hall and buy a tax card, usually $1.00. It should tell you what the property last sold for. Are you handy? You may get calls from tenants with leaky faucets, broken lights and complaints about the other tenants. Check into what an insurance policy will cost for the property. It may be more than you expect. If the numbers work then it can be a good investment. Good luck.

You do not mention a city where you want to invest, so specific recommendations are difficult, although I know an excellent person in Winnipeg to see.

A first criteria would be to ask yourselves what expertise you have in Apt. Complex management, and building maintenance. These two overheads are the first to be charged against the gross revenue before you see a return on investment. They can be your own input time and energy or from hired help.

Speak to an accountant with a practice in this area of businessabout the project.

After that is the rentability. Is the building in a good area. Is the rent structure improvable - at what cost? Is there rent control? What percent of available units are vacant?

Are there large projects imminent in the area that might affect rents. What is the average tenant age, employment situation and so forth?

Does the building need major repairs or maintenance?

What amount for insurance at a prudent level?

Is it possible to sell off units (singly or connected groups ) as condominiums?) Or refurbish and resell the whole building?

Once you have mulled this over, there are ways to look for available property. Some are signed for sale. Some are private listings through lawyers, estate agencies and notaries. So look in areas where you would like to look. Call the relators on the sign. Also seek a real estate agent to seek on your behalf.

Once a target building (or target buildings) have been identified, have them inspected by an engineer for structural integrity, the condition of the heating plant and other required engineering spaces. Be sure the electrical system and plumbing is up to code.

Check too the condition of the windows and exterior shell for quality and insulation value. Be sure the roof is not in need of repair - how old is it?

Have the fire department inspect for conformity to the law as part of the conditions of sale, that the seller bring the building to code - or allow the estimated cost of the work to be deducted from the purchase price.

In my opinion it is better to do the work under your own supervision, for quality assurance.

Who will do the daily maintenance, and what is the compensation package?

How are you going to collect the rent?

Yes, the returns are possibly higher than a straight investment in securities. But the investment needs much more input from the investor, a certain amount of knowledge and expertise from the investor, and is riskier.

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