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MN | Thanks for doing the rundown! You are throrough. I see your cost for total building is a little over 108$/sf. That is probably feasible. I wonder, depending on the area, if it wouldn’t be a better investment to cater to the higher $ renter and invest in a little nicer finishing. Wouldn’t be a lot of extra cost, since the structure would be basically identical, but returns could be higher.
I think there will be, or already is starting to be, a lot of retiring age people close to or in the area of bigger cities that are shifting to nice new apartment complexes from their single family homes that are too big, out dated, and have yards to keep up with. Lots of nice apartment complexes going up in almost every larger town I drive through the last couple of years.
Only downside to getting into an investment like this is if you are not comfortable with new experiences, or simply don’t have the cash to lay down a large down payment. Sure, you could find a few friends/relatives to invest with you, but more often than not that leads to other issues...too many chiefs. | |
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