Recently a client asked me to assist him and his wife plan his exit strategy on their apartment building in Portland. He explained they have two different goals: he wants to generate more wealth with the equity in the property, and his wife wants to “do nothing” and keep the status quo. Steve Berges highlights the importance of an exit strategy in his book “The Complete Guide to Buying and Selling Apartment Buildings.
While the book may not answer the husband and wife questions, (or help with marital bliss), it is a good guide for first time buyers to apartments.
-Good guide to the basics, especially for first time buyers.
-Hits the highlights of apartment buying, ownership, and exit strategies.
-Strong belief in “Value-add” strategies
-Specific details on “how to” implement the ideas in the book (i.e. negotiating best deal, choosing a manager, finding the right lender).
-Charts and graphs confusing to understand for first time buyer.
Favorite quote from the book:
“The three basic components that must be considered when defining your objectives are your entry, post entry, and exit strategies.”
Really good book for anyone considering purchasing apartment buildings, as it provides the generalities that each buyer needs to know. The author obviously believes in a “value add” purchase strategy, and that theme is pushed throughout the book. However, some of the “nuts and bolts” of how to negotiate that strategy is missing as the author sometimes states to “negotiate a good deal”. How do you negotiate a “good deal”? I think first time buyers would benefit from more details, but overall the book is a good starter for apartment investors.