I want to get together with tenants and purchase the building we are living. Is that a good idea?

Good question.

No, this is a really bad idea. First you are going to try and put together a deal with some of the most unreliable people and also are going to do this with no education or training.

You would do better to focus on getting a proper education and being a good tenant that pays rent on time instead of trying to organize your band of tenants to buy a multifamily property.

It sounds like a great fantasy that you have but we live in the real world and this is not something that you are going to be successful with if you don’t have proper training. Also your decision to involve the other tenants in this plan shows how little experience you have in the investment world.

The new investors that do the best in multifamily don't look for apartment communities to invest in on Loopnet. Instead, they look to find experienced apartment investors that will let them invest into their deals. Being a limited partner you will avoid all the problems a general partner faces. If you go this route, you will have a lot less work.

If you are the type of person that wants to do things the easier and more efficient way, I created a group that can help you learn how to invest.

My group, the Benjamin Z Miller Investor Networking Group, meets every Sunday on Zoom. I created the group for new and experienced investors to network and make more contacts.

If you would like to learn more about multifamily investing, you should join the Benjamin Z Miller Investor Networking Group.
Once you attend one of the Sunday meetings you will receive a Google Sheets document with the phone and email of the other investors that attended.

From there you can reach out to numerous multifamily investors. I also am good friends with some of the best well known multifamily investors so if you need an introduction to a particular investor in some cases I can help you.

Before you do any investing you should invest more time and money in your financial and legal education. I offer education and training to new investors, landlords, engineers, doctors and dentists, and many others that would like to learn how to enjoy the benefits of multifamily as quickly as possible. If that sounds interesting contact my office by going to www.benjaminzmiller.com and fill out the contact form.

You also can register at meetup.com at the link below:

https://www.meetup.com/benjamin-z-millers-investor-networking-group/

I hope that helps and good luck with your investing!

Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
[email protected]
https://www.linkedin.com/in/benmillersells/
https://twitter.com/BenjaminZMiller