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The Complete Guide to Buying and Selling Apartment Buildings, Second Edition, by Steve Berges
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Product details
Paperback: 328 pages
Publisher: Wiley; 2 edition (December 20, 2004)
Language: English
ISBN-10: 0471684058
ISBN-13: 978-0471684053
Product Dimensions:
7.4 x 0.7 x 9.2 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
72 customer reviews
Amazon Best Sellers Rank:
#69,668 in Books (See Top 100 in Books)
Don't buy this book. Listen: First of all, buy and read Crushing It in Apartments and Commercial Real Estate by Brian Murray. Then, second, once you've read that, you definitely don't need to spend $18.99 on this outdated, less-insightful, relatively content-less "guide." There are other good books worth paying to read, however:-- Confessions of a Real Estate Entrepreneur, by Jim Randel-- The Book on Rental Property Investing, by Brandon Turner-- What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, by Frank Gallinelli-- The Due Diligence Handbook for Commercial Real Estate, by Brian Hennessey-- The Book on Negotiating Real Estate: Expert Strategies for Getting the Best Deals When Buying & Selling Investment Property, by J. Scott-- Never Split the Difference, by Chris VossBrian Murray's Crushing It is the best introduction, and Brandon Turner's book is a close second. Jim Randel will round out the picture with other investing approaches and excellent caveat emptor warnings. Gallinelli's book teaches you, quite thoroughly, how to run the numbers and see if it makes dollars and sense. Hennessey's Due Diligence book will prevent you from making a slew of mistakes and save you thousands, if not more. The negotiating books will define your approach to a seller and ensure that you never split the difference. Speaking of Chris Voss's book, it might just change your whole approach to life. It's that good. Once you've read this many great books worth reading, don't be a fool like me and spend $19 on this rubbish....
Admission: I'm only on page 37. That being said, I would like to point out what I see as a flawed theory that the author calls the Value-Play Strategy. He compares a buy and hold strategy to a buy and flip strategy. However, in his graphs he presents an apple to oranges comparison. The first is a person who buys one house per year for ten years. He compares the wealth accumulation to a person who buys a property each year and then flips that property the next year. The problem is that in a graph he allows the flipper to acquire properties with equity and to also improve the property, but he doesn't allow the buy and hold person to do the same. The buy and hold person in his graph is apparently buying homes with zero equity and not doing anything to improve the properties. He then shows how the flipper earned more money. Oh, and I almost forgot, his graph shows the flipper turning $100,000 into $200,00 in just one flip, which would be difficult but OK maybe so, but at the far end of the timeline he suggests that the flipper will turn 12 million into 25 million in a single flip. That I find very very hard to believe. As for me, my strategy is buy and hold. And I will press on with this book to find out if he has any valuable advice on buying.
This book has some good information but the overall message is very flawed. Why would you “flip†apartment buildings for the same kind of returns that you’d get from flipping single family homes? It’s much more risky and more complicated. The author also conviently uses “real world†income statements in his case studies but massages the numbers to show that “buy and hold†doesn’t grow wealth as fast as “value buying and sellingâ€. It seems when this was written values would appreciate faster but this was written by a broker not an investor. As an investor this is a HARD pass. For a broker this is ok but nothing ground breaking.
I bought this book a number of years ago. I already owned five houses and some small multi-family properties. This book opened my eyes to a new understanding of income stream valuation. With individual homes and small multi-family units, your capital appreciation is limited by the comparable properties in the area. Having a higher rent doesn't make any real difference. With larger multi-family properties you can increase the value substantially by finding a poorly run property and managing it better. This may involve renovation or it may simply be a matter of understanding and achieving market rents.After buying this book I bought a 6 unit property, a 21 unit property, a 22 unit property and now have a 44 unit under contract which will take my portfolio over 100 units. I'm refinancing my 21 and 22 unit properties and pulling out enough equity that I'll be able to buy the 44 unit without any cash out of pocket.Steve's spreadsheet product has been very helpful in evaluating properties for a number of different variables many of which are also used by lenders which allows you to talk the same language when you seek financing. The reason I gave the book 4 stars as opposed to 5 is that the time frames he suggests based on a 20% increase in value just aren't typical due to the costs of buying and selling. You need more like a 35-40% increase to trade up. That said, the theory works, it just takes longer.
Not the easiest read, it gets slightly dry, but it is one of the most informational real estate books on Amazon, would definitely suggest it if you have any interest in multifamily real estate investment. Steps away from the traditional buy and hold strategies and shows the reader the importance of value-add plays. Pick up a copy!
If you're thinking about getting into the business, this is a great way to see if you really want to even try. This gives great perspective into what starting out is really like and how much effort needs to go into doing any deal before you sign the papers.
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