In this episode, Brian discusses how to buy and maximise the profits with apartment buildings.
– The bigger the property, the more likely you are to be dealing with a seller who’s open to working with you and knows that creative arrangements are common.
– There is a great opportunity with properties that are not well cared for and are in distress. If you can step in and correct it, you can immediately build equity.
– Creative financing and clauses that reduce your down payment required.
– Why apartment buildings are superior to single family homes.
– Many of my best deals have come from directly approaching property owners…it’s a long term strategy.
– Scaleable processes you can put in place so that additional units don’t add to your workload.
– Changes the use to add value…change low value space into high value space.
– how to add value to your buildings…revenue shares, lockouts, audits, and more…they all add up to drive up the operating income and the value of your property.
Brian founded Washington Street Properties with his first purchase of the former Agricultural Insurance Headquarters Building in 2007. He has since grown the company into the owner-operator of a large portfolio that includes office, medical, retail, restaurant, parking, storage, and apartment communities. Brian is a graduate of John Hopkins University, Syracuse University, and The Darden Graduate School of Business at the University of Virginia.
Brian Murray was presented with a Gold Stevie® Award in the Executive of the Year – Real Estate category at The 13th Annual American Business Awards in Chicago.