Buy older apartments and make upgrades is the preferred play. Large investor Morgan Properties bought over $2 billion of apartment properties last year is slowing their purchases in 2020. They are still buying apartments this year but less than half pace of last year. The US economy is now in the longest expansion cycle on record and it is now more challenging to find good opportunities. Morgan concentrates in the suburbs rather than downtown centers, buying older properties, 20 to 50 years old. They typically add new flooring, install washer/dryer, new appliances and then increase the rent to current market rate. They appeal to working class people, like teachers, police officers, etc. This formula continues to produce good results.
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