Buy Your First Apartment Complex (Step-By-Step)
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- เผยแพร่เมื่อ 15 มี.ค. 2024
- How I bought this 12-unit apartment complex and how you can too using the BRRRR Method! I break down the exact steps I took to acquire, rehab, rent, and refinance.
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Let me tell all of you NO LENDER WILL JUST PROVIDE YOU WITH MONEY, PRIVATE, BANKS, etc etc, WITHOUT EXPERIENCE!!! The only person who will give you money is your wealthy uncle or friend.
iinteresting video. i’m a new dad, I moved closer to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
The question is how many deals like that you do in a given 1 or 2. I guess is none. You were lucky with that complex. The rate went down with Covid and the value of everything went up. Nothing special it was pure luck. Timing was perfect
How did you find your private money lender?
Interesting. How do you get onto a contract without showing a proof of funds in the first place?
Bro, I'm trying to do this exact strategy and still at the starting point. Any chance we can work a deal that I can partner with you on?
Why did you go too small? 35 units plus guys.
Is it normal to get private funding without any of your own cash??
Im a little confused on the refinancing part. So you paid off the private lender of 186,000 and the bank loan of 546,000 and refinanced you for a new loan of 880,000? Or they gave you $880,000 because of the propety value increase, and you used it to pay off all the loans.
So you made 149k off this deal, but you said it took up 3 years of your time ?
Love this!
What you did not say is what are the terms of the loan from bank the first or the second time. Usually banks don’t lend fixed rate loans for 30 years for 5 or more units but it sounded like you got a loan for 30 years . Can you clarify if that was for fixed 30 or just amortization for 30 and you will need to refi in 5 years or pay a ballon
How did you know what the cap rate would be at time of refinance?
Did you do the renovations yourself or hire a contractor?
What is your positive cash flow amount after refinancing everything?
I was looking at that place as a first apartment purchase. I’m not ready technically but I veered my eyes that way lol. I live around Troy
Very informative video.
Was there a challenge on number of recent deals questions for either lender? how would you manage this? how much of the lease income was used towards lenders 75% ? it was enough to get approved obviously the deal happened... I'm looking to do this.
Any one looking for their next apartment complex let me know i have on in Laredo Tx! Comment below if interested
did you need a business plan for the PML or Bank approval or just a standard application ?