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

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 2 February 2017

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Brian’s BiggerPockets Profile Brian’s LinkedIn Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show 212.
0:05.0	In the end, I found out there was $140,000 in this escrow account
0:11.0	and I actually ended up walking out of closing with a check and I didn't put any cash into this deal at all.
0:20.0	You're listening to Big pockets radio simplifying real estate for
0:26.3	investors large and small if you're here looking to learn about real estate
0:30.5	investing without all the height you You're in the right place. Stay tuned
0:35.1	and be sure to join the millions of others who have benefited from bigger pockets.com.
0:39.9	Your home for real Estate Investing Online.
0:43.0	What's going on everybody? My name is Mindy Jensen.
0:45.0	I am spilling in for Josh Jorkin, who is the host of the BiggerPockets Podcast.
0:50.0	With you as always, Mr. Brandon Turner. What What's up man? How's it going? I am doing so well right now like it's
0:57.9	2017 has been amazing so far. It's only you know a few weeks in but I'm really really enjoying this year about you
1:04.8	I'm having a great year not you know real estate wise but everything else is going great I'm still in the
1:11.2	Denver market which is ridiculously hot and I'm not able to buy those dollar 50 properties like you are.
1:17.0	Ridiculously hot, huh? That's what they say about me.
1:20.9	Exactly, yeah. Brandon Turner, Denver Market, same thing.
1:24.1	Same thing, we're probably identical.
1:25.8	No, what's your goal for the year?
1:27.6	I mean, do you have a real estate goal for the year?
1:29.5	I want to buy 10 properties, but I don't know how feasible that is because our market is so hot.
1:34.6	I'm looking into other markets.
1:36.0	I am currently taking money and doing some private loans with it.
	...

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