Owning a block of flats and renting them out is probably the most effective way to gain passive income. Why? Because you can manage the building very efficiently – no matter if you do it yourself or hire someone else to take care of it.
So, why to settle for an apartment if you can look for a whole block of flats for sale? Well, if that would be so easy most people would do it. Let´s look at reality: it is actually not so easy as it sounds. First, it starts with trying to find a decent block with apartment units that is on the market and that’s already where the problem starts. Finding an entire apartment block for sale is a rare find. Depending on the area where you live it might be even more difficult.
I happen to own a few blocks of apartments in the past and like to share my experience on how I found them.
Don’t Look for The Perfect Block
First, don’t be too choosy. You can be happy enough to find any block of flats for sale. So, you better be prepared to buy an empty run-down block that you can fix up rather than look for the perfect building.
That’s basically what I did. I worked in real estate, checking real estate ads every single day at my work and I came across some really cool old style apartment blocks in Germany. They needed a lot of work though, so I wasn’t sure at first. In the end I just couldn’t resists. Although it was a lot of headache and work for a couple of years it paid off in the end.
It is actually surprising but there is a lot of cheap houses for sale in Germany. Especially if you are a handy man (or woman) there are a lot of properties to choose from.
Where to Find Block of Flats for Sale
Besides looking at all big real estate platforms and signing up for email alerts I also looked up the real estate auctions in my area as well as in bigger places where I thought it would be worth investing in.
One thing you always need to keep in mind is that once you bought it you have to be able to also manage it somehow. If you don’t live close by it would be good to investigate if there are management companies in the area who can do the job for you.
Want to Sell Your Block of Flats?
Then please, please put them on the market. There are so many people out there looking for one. Here is where I advertise my property for sale.
Image by AI Leino on Pixabay
