Apartments for Cheap

Questions and Answers

Your Questions About Apartment Complex Plans

June 21, 2012

Sandra asks…

What is the best Apartment complex in the Pheonix Arizona area?

I’m looking into moving to Pheonix Arizona. What are some good Apartment complexes in that region? By good I mean affordable while being decent and nice to live in. I’m only looking for a 1 bedroom apartment. Nothing fancy. I plan on moving out there next year, any tips?

Administrator answers:

Try Tempe..around Tempe Town Lake, or even in Gilbert.

Laura asks…

I work for an apartment complex, and I have to come up with 6 creative names for our floor plans…..?

They have to follow a “Lion Theme”…..I actually needed 7, but I already came up with “The Lion’s Den” for one of them….Help me please!!!!

Administrator answers:

1. Savannah
2. The Hunters Domain
3. Land of Lions
4. The watering hole
5. Pride of Kings
6. Lions Pride
idk I am just coming up with stuff hope it helps :)

Ken asks…

What website can I go to to find out about crime in a specific apartment complex?

I am planning a move to a new complex with a friend because of crime in our current one. My roomates car has been broken into twice (so far). I need to find out about crime stats that are specific to apartment complexes, not just cities.

Administrator answers:

I doubt you’ll find such a website. Your best bet would be to drive to the local police department for that area and ask about the place. You could also ask at a pizza delivery place that covers that area, drivers are usually very knowledgable about the area.

Charles asks…

Does anyone know anything about Kirkwood, MO or Station Plaza Apartment complex?

I’m potentially planning on moving here, but have heard the apartments are noisy and the construction is fairly shoddy. I visited the apartments and REALLY liked them. Does anyone know anything about the town of Kirkwood, MO or the apartment complex? Any help is appreciated!

Administrator answers:

No

James asks…

Can a sexual predator live in an apartment complex?

I am planning to move to a place where I recently found that a registered sexual predator (Tier-2) has been living for years. I saw kids living around the complex. I am surprised that the landlord allowed him stay in the complex. Does the law allow that? The apartment complex is in NJ.

Administrator answers:

They all have to live some place.

David asks…

An apartment complex is charging me the wrong amount and has now put me in collections, what should I do?

I have this apartment complex charging me way more than the amount stated in the lease agreement. They told the collections company the wrong amount. I want to make a payment plan, but not for the wrong amount. How do I go about proving to them that the amount I am being charged is incorrect?

Administrator answers:

They probably added late fees, collections fees & possibly court fees.

You always have the right to fight the charges in court.

Sharon asks…

How to start a apartment complex?

I already have the business plan ready I just a little more help with information. It’s a 3 bedroom/3 bath 12 unit complex for students near a local college. The rent will 475 for each room thats including all utilities(water, cable, internet, and a $70 allowance for electricity.) What I need help on is how to go about building this. Keep in mind that I am young and just graduated college, I have money saved up but not nearly enough for a down payment. What are the necessary steps for starting this? I have a degree in CADD so I already have most of the floor plans, elevations, etc. but Im still confused on what to do. Any advise?
I already have the business plan ready I just a little more help with information. It’s a 3 bedroom/3 bath 12 unit complex for students near a local college. The rent will 475 for each room thats including all utilities(water, cable, internet, and a $70 allowance for electricity.) What I need help on is how to go about building this. Keep in mind that I am young and just graduated college, I have money saved up but not nearly enough for a down payment. What are the necessary steps for starting this? I have a degree in CADD so I already have most of the floor plans, elevations, etc. but Im still confused on what to do. Any advise?

I want to build this from scratch and the location is in North Carolina

Administrator answers:

Your questions show a lack of experience in real estate. I would be very, very careful starting from scratch on your first investment of this nature.

First I would work with a landlord or propertyment management company to find out what all of the expenses and work is involved … Physical and legal.

I would become very familiar with the landlord/tenat laws as well as contract laws in your specific state.

Next, I would make really good friends with a general contractor who is experienced in building in the area you wish to build in. At the same time I would make friends with several real estate agents who can give you the pricing of current apartment complexes on the market …. And what their vacancy rates are.

If you are still determined to do this after all of your research, then I would find an older, more experienced investor to share the risk with. Make sure they are reputable by checking their criminal and civil records, whether you think you know them or not. A bank is unlikely to lend to someone who doesn’t even have a down payment much less any experience in the business. The commercial loan process is different than getting a standard residential loan and does involve investigating qualifications other than your financial ones.

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