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 episodeThe definition of “value-add” in real estateDifferent ways to add value to a propertyThe story of how he turned an old motel into studio apartmentsHow Brian gets his tenants and the kinds of screening he usesWhy he focuses on keeping rents lowThe location of these rentalsWhy you should consider the “transient work force”Details on how he got this dealA discussion on raising money and working with partnersTips for finding propertiesHow to handle agents and brokersThe story of the 115-unit Section 8 apartment complexHow a HUD contract crushed himWhether you should consider managing a HUD property or notHow Brian sold the property for $3.2 millionHis advice for aspiring investorsAnd SO much more!Links from the ShowBiggerPockets ForumsBP Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian MurrayHow I Bought a 115-Unit Apartment Complex with NO CASHPath to PurchaseLoopnetJay Hinrich’s BiggerPockets ProfileBill Gulley’s BiggerPockets ProfilePioneer Woman CookbookBooks Mentioned in this ShowCrushing It in Apartments and Commercial Real Estate by Brian H MurrayThe Book on Rental Property Investing by Brandon TurnerThe Obstacle Is the Way by Ryan HolidayTweetable 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 BrianBrian’s BiggerPockets ProfileBrian’s LinkedIn Profile