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

<p>How much does it cost to buy a large apartment complex? Millions? Think again! On today’s episode of&nbsp;<a href="https://www.biggerpockets.com/podcast" target="_blank">The BiggerPockets Podcast</a>, we’re excited to welcome back&nbsp;<strong>Brian Murray</strong>&nbsp;to the show. Brian, who was last seen on&nbsp;<a href="https://www.biggerpockets.com/show126" target="_blank">episode 126</a>, has done some pretty amazing things over the past several years — including purchasing&nbsp;a&nbsp;<strong>115-unit property that cost him nothing</strong>&nbsp;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.</p><p>In This Episode We Cover:</p><ul><li>What&nbsp;<strong>Brian</strong>&nbsp;has been doing since his last episode</li><li>The definition of “<strong>value-add</strong>” in real estate</li><li>Different ways to add value to a&nbsp;<strong>property</strong></li><li>The story of how he turned an&nbsp;<strong>old motel</strong>&nbsp;into studio apartments</li><li>How Brian gets his tenants and the kinds of&nbsp;<strong>screening</strong>&nbsp;he uses</li><li>Why he focuses on keeping&nbsp;<strong>rents</strong>&nbsp;low</li><li>The&nbsp;<strong>location</strong>&nbsp;of these rentals</li><li>Why you should consider the “<strong>transient work force</strong>”</li><li>Details on how he got this&nbsp;<strong>deal</strong></li><li>A discussion on&nbsp;<strong>raising money</strong>&nbsp;and working with partners</li><li>Tips for&nbsp;<strong>finding</strong>&nbsp;properties</li><li>How to handle&nbsp;<strong>agents</strong>&nbsp;and brokers</li><li>The story of the&nbsp;<strong>115-unit Section 8</strong>&nbsp;apartment complex</li><li>How a&nbsp;<strong>HUD contract</strong>&nbsp;crushed him</li><li>Whether you should consider&nbsp;<strong>managing</strong>&nbsp;a HUD property or not</li><li>How Brian sold&nbsp;the property for&nbsp;<strong>$3.2