Using other people's money to buy apartment houses is one of the well proven roads to wealth, but there are things to learn and pitfalls to watch out for.
Here is a page with eight separate informational videos. This is (fair warning!) a sales page, but the training videos on it are extremely well done and definitely worth watching for anyone who may want to buy an apartment building using investors money (OPM). http://www.getinvestorsnow.com/apartment-templates/
The videos and other information on that referenced page have information about how to buy apartment houses, review of a prospectus example, information about how to find investors, particularly investors for real estate, and related documents (such as an LLC operating agreement) that go along with a good sample prospectus for buying apartment buildings.
Here are some more tips:
• When finding investors for real estate you will save a lot of money by using a prospectus example you can take to your attorney, so be sure to get a sample prospectus before you go out to find investors.
• Get good training from a knowledgeable source that can teach you how to find investors to buy an apartment building.
• There are some well understood income and expense ratios that work, and if you stay within them you’ll do well. So before you go out to find investors, first learn how the numbers work!
• Join your local apartment owners association if one exist in your city or town.
• Start now. There are a lot of investors for real estate out there and buying and owning an apartment building using investors money is not scary if you get some education.
To summarize: You will need a prospectus since you will be using other people's money, and you can put that together easily if you use a prospectus example. Just make sure your sample prospectus is for finding investors for real estate, and ideally to find investors for an apartment building. Then with a little coaching from an experienced mentor you can get off to a fast start and quickly buy your first apartment building!