This is legitimately my dream job. I just finished trade school for facilities maintenance, building construction technology, and solar panel maintenance. Going to school currently for an electrical apprenticeship. Doing residential electrical maintenance jobs. So, when the time is right, I can buy my own apartment complex and do my own work on it. Im only 21 but this video excites me even more for the future. Thank you for this video, it pumps me up.
Corso Mann when I tell you I’m trying to do that exact thing. I’m 18 and I’m going to start hvac school for technician and installation so I can save up and start investing in real estate
@@MW3player954 It's worth it, I haven't started anything real estate related but getting into the trades early, and getting to know your stuff at an early age, will make your bosses very happy. My only tip if you're also looking at an HVAC trade job would have to be to, stay interested in the trade. When your boss is explaining something, stay informed, look out for things, ya know? I've seen a lot of people fail at our trades. Journeyman are only interested in people who care about the trade. Good luck man, don't be afraid to get dirty lol. But yeah I was looking at this real estate type gig because my theory is, if I know how to fix what's broken, less money for maintenance when I own my apartments and more happy customers who don't have to pay as much.
Awesome man I’m in the exact same boat. I’m only 18 now but I plan on going to trade school for electrical and I have plenty of friends in trades so I figure it shouldn’t be too hard to get renovations and maintenance done and what not. I’m starting to build my credit now that was I can get approved for loans later on. I’m just curious though, how were you able to go to trade school twice for two different things?
@@tylerbredice1858 They weren't two different things at the same time haha, did one, then the other. I graduated a month or so before I posted that comment and now I design blueprints for a solar installation company. All I gotta say for a tip within the trades is, to show that you are willing to improve. Bosses love a person who wants to improve, you can stick to the bare minimum and stay at the same spot or you can show effort and improve. I started as an installer, now I design systems for the install team. I moved up so fast cause my boss saw I was puttin in work lol. Good luck on the trades man, lots of hard ass tough guy bosses in the trades, I know "no one likes a smartass" but honestly, who cares what others think about you?
I just started out last year with my first duplex..I’m in currently in contract with my 2nd one. And now, I am trying to buy my first Quad bc my realtor told me about it before it got listed....24 apts, are in my dreams...one day, one day, Chandler David Smith
OMG, I would love to do this one day. I didn't come from money but I am educating myself to get there. Nothing will stop me. Keep motivating us with these video's Chandler.
That's an awesome deal Chandler! Great job not letting this one go! You seen the owner was giving a fair price, acknowledged that and didnt let that deal slip!
I literally had a dream last night that I found this deal. The old man had a gold tooth and a pet monkey but still....lol. absolutely the best video ever
Good stuff. Just don't wait until 2021 to start. Build your credit now, learn about investing, try some small investing in the meantime (robinhood,m1 finance, fundrise) I just don't you waiting losing all that compound interest. Plus by 2021 you might be an expert! 👍🏽
Epic deal! I’m closing next week on a 5 unit deal. The rents are $700 each when the market rate is $850 each. About to send rent increases. May I ask 2 questions. 1. How fast did you raise the rent on these tenants? $50 at a time? $100? 2. How many (if any) left after the rent increases?
Top Comment thanks, I’d raise them to a little lower then market rents in one shot. If you want them at 900 for new tenants tell them that’s what new tenants will pay but if they stay they will only be raised to 850. I lost a couple but nothing I couldn’t fill quickly.
I was wondering the same thing...bc I have really good tenants but, the rents are currently $200 below market rate...I bought the house with them already living there and I didn’t want to scare them off my raising the rent by so much...I think that I will raise them $50, over time, so that the rent can slowly catch up.
Brittany R That has been my standard practice. I have several tenants that I raise $50 a year, so they can adjust to the new rent rates. I feel like going $100+ is too much for a low income family.
Im 18 and am working for my cousins , they flip homes and i learned everything in construction i need to renovate, now looking to invest, i still have a while to go though because i only have 5000 saved up but coming from poverty im going to make it, i have the knowledge that exceeds my peers and the hunger and work ethic to grind out these flips and eventually get into rentals, possibly airbnb at first( ill manage them ) and then once i hit a certain point start getting long term rentals because its much more hands off. great videos ur channel deserves more subs!👍🏼
Let's hope you keep treating these tenants well. Owner/landlord is always the one who stands to benefit the most from this and can easily screw over these tenants. Hope you emphasize this fact more in your video.
By far my Favorite Video Chandler! Really like how you showed your entire process, and how you were able to increase the value in it. Well done! The numbers are great! :)
Chandler. Do I white board break down in detail with expenses to follow you better. My math doesn't show the same and I want to learn how to do it. Thanks man.
I'm also in to rental realestate but on the other side of the world, in Sweden. It's very very different here but I still appreciate this a lot. Thanks and keep the content coming. Subscribed!
@@robertdean6222 not necessarily....you can bring in a partner that will put up the money. What you need is a Network. You dont need to have the money all the time. Cash runs out quick. If you have the deals and the network, money will come to you.
This is a dream come true. I’m 21 and by the time I’m 30 I feel making $10k a month on passive income is all I’ll need to be content in life. So this video really sparked my eyes.
Like your video... what you did with this property is exactly what I want to do! 100% !! I like that concept of having the former owner finance the deal... lock in that rate!
Great video! One question I have is, how did you fund the 20% down and rehab costs? Personal savings, a partner, leveraging equity in other properties?
Wow I' m just shock someone mentioned expert Mrs Patricia I thought I' m the only one trading with her.She helped me recover what I lost trying to trade my self
Yes I' m also a living testimony of expert Mrs Patricia , Mrs Patricia has changed my financial status for the best.all thanks to my aunty who introduced her to me
Who's this professional everyone is talking about I always see her post on top comment on every TH-cam video I watched, I think I'm interested how can I get in touch with Mrs Patricia
Min: 9:35, So you could’ve gotten a non-recourse loan at 6+ % , 75% LTV, done your rehab and raised your rents and in one year made $1 million or more! In one year! Now if the seller didn’t want to be bought out, meaning wanted the note, then yes, you had no choice. So you did the right thing. Great deal.
Great video, love this subject matter...don't know where to start. Do you pay off the 20 yr fixed early with the profits, or use it to buy more properties, or both? Thoughts on that?
I never pay off any of my loans if I can help it! I use the money to buy more properties and I’ll even refinance if I have the chance to pull out a good amount of equity
Loved the video! I’ve been investing in stocks with the money from Aptive but this year I’m going to get into my first rental property! Pretty excited, thanks for all the knowledge!
Chandler, with the down payment and renovation costs you would be into the property for $310k. Does that mean with this deal you would be expecting to see profit after 5 years or so?
Question for you chandler, where do you keep your money for the down payment in the meantime? Cash? Money market? Stocks? Real estate? And about how much liquidity do you keep for future deals?
Question: As a total beginner how can I begin finding deals? I can get about $50,000 from a line of credit so I will have to start with a duplex or 4plex but how do I find a good deal?
What a freaking deal. 13%+ cash on cash with a 5% locked term. Truly a once in a lifetime deal with that many apartments and in such good shape. Little jealous on that one bud. Excellent video as always chandler!
How do you deal with anxiety of getting into real estate ? I’m starting my journey in this I got a Leander and now an agent finding me a starter property. I’m new to this I love the aspect of real estate but the closer I get the more anxious I get but I really want to get into it .
It all comes down to education. The more you know the more comfortable you will be. It’s OK to be nervous because that’s natural but if you’re too nervous to pull the trigger you just need to put in more time learning your craft. Hopefully that helps!
We need a video on how to get the "fillers" done. Trying to invest in something like that here in Austin sadly anything over 4 units has very little internet posts.
Chandler that is amazing but question your downpaymet was around 240k plus your rehad and closing how did you come up with your down payment ? Thank you
Hey could you or someone break down the deal structure or finances. So I know the property sold for 1.2 Million and you put down 20% and the loan was for 30 years at 5%. So how much was your loan Payments and other expenses, like Management (roughly)? Then you get tht number and subtract it from ($600 rent times 24 units)X 12 months) and the difference is your cash flow correct???? Then you get your 20% payment and divided by your cashflow to get the percentage?? I'm brand new to investing, 2 months in, so I appreciate anyone who helps out a newbie understand big deals like this. Would love to get into a complex deal soon Thanks!!
Just in paying back the owner financed loan it’s about $55,000 per year for 20 years. Plus you have property taxes and Managment expenses, repairs and some other things. Does that sound about right? Just looking at the crude numbers not taking in consideration for value and equity that you are building by owning the property and tax write offs etc.
I appologize if it a redundant question but did the seller agree to finance 100% of the deal? Or did he ask for a down payment? What was the amount in closing costs too?
You’re making me rethink my sale ! Where is this place located because your rents are really low. I have 41 units bringing in over $33,000 a month the Cape Rate is 15%. I made $300,00 last year but just getting ready to retire. My asking sale price is 2 million. Is that tooo cheap ???? Your guy sold it 50,000 in the unit which is not bad and that is my price also and unit number 41 goes in with the deal as long as Buyer pays transfer tax. What do you think Chandler ?
in general, 5% to 10% in my experience larger buildings are 5% (over 10 units) mine are 6.5% and 7.5% (6 and 4 unit) many things come into play, there experience, are the willing to take tenants to court.? do they maintain laundry room.?...etc. do they want a free apartment ? (usually 24 units plus). Shop around and make deals, they usually come down a bit at first, especially if they know you will be buying more, or when you buy more...hope this helps. I think Chandler said it in another video, hopefully he will chime in...
$43,000 in income on a 1.2 mil purchase price is a 3.58% cap rate. What is your plan as you pay down equity? Do you pull that money out or sell? In my market we purchase and sell from 8-12% cap rate depending on neighborhood grade, which translates to 25-35% Cash on cash return.
This is legitimately my dream job. I just finished trade school for facilities maintenance, building construction technology, and solar panel maintenance. Going to school currently for an electrical apprenticeship. Doing residential electrical maintenance jobs. So, when the time is right, I can buy my own apartment complex and do my own work on it. Im only 21 but this video excites me even more for the future. Thank you for this video, it pumps me up.
Corso Mann when I tell you I’m trying to do that exact thing. I’m 18 and I’m going to start hvac school for technician and installation so I can save up and start investing in real estate
@@MW3player954 It's worth it, I haven't started anything real estate related but getting into the trades early, and getting to know your stuff at an early age, will make your bosses very happy. My only tip if you're also looking at an HVAC trade job would have to be to, stay interested in the trade. When your boss is explaining something, stay informed, look out for things, ya know? I've seen a lot of people fail at our trades. Journeyman are only interested in people who care about the trade. Good luck man, don't be afraid to get dirty lol. But yeah I was looking at this real estate type gig because my theory is, if I know how to fix what's broken, less money for maintenance when I own my apartments and more happy customers who don't have to pay as much.
That’s amazing!!
Awesome man I’m in the exact same boat. I’m only 18 now but I plan on going to trade school for electrical and I have plenty of friends in trades so I figure it shouldn’t be too hard to get renovations and maintenance done and what not. I’m starting to build my credit now that was I can get approved for loans later on. I’m just curious though, how were you able to go to trade school twice for two different things?
@@tylerbredice1858 They weren't two different things at the same time haha, did one, then the other. I graduated a month or so before I posted that comment and now I design blueprints for a solar installation company. All I gotta say for a tip within the trades is, to show that you are willing to improve. Bosses love a person who wants to improve, you can stick to the bare minimum and stay at the same spot or you can show effort and improve. I started as an installer, now I design systems for the install team. I moved up so fast cause my boss saw I was puttin in work lol. Good luck on the trades man, lots of hard ass tough guy bosses in the trades, I know "no one likes a smartass" but honestly, who cares what others think about you?
I just started out last year with my first duplex..I’m in currently in contract with my 2nd one. And now, I am trying to buy my first Quad bc my realtor told me about it before it got listed....24 apts, are in my dreams...one day, one day, Chandler David Smith
Brittany R go get it! Thanks for watching!
Did you do it?
Updates!
Love it! Good work. We have a 32 unit we bought a couple years ago and have created $400,000 in equity with improvements and raised rents!!
I'd imagine it has doubled in value by now? Or very very close? Awesome stuff!
OMG, I would love to do this one day. I didn't come from money but I am educating myself to get there. Nothing will stop me. Keep motivating us with these video's Chandler.
That's an awesome deal Chandler! Great job not letting this one go! You seen the owner was giving a fair price, acknowledged that and didnt let that deal slip!
John Cody yes! Thank you!
The numbers/returns/cap-rate are unbelievable!!! Congratulations
I literally had a dream last night that I found this deal. The old man had a gold tooth and a pet monkey but still....lol. absolutely the best video ever
Hahahahaha love this comment!!
Straight drooling over this one, Chandler. Nice job! Was wondering when this video was going to come out. Awesome!
Bryce Matheson thank you! Glad you liked it!
I aint even a min in and impressed with the vid Congrats man, im 24 I plan on start investing in 2021🙏🏾
Tsu Sef thank you! Go get it!
Good stuff. Just don't wait until 2021 to start. Build your credit now, learn about investing, try some small investing in the meantime (robinhood,m1 finance, fundrise) I just don't you waiting losing all that compound interest. Plus by 2021 you might be an expert! 👍🏽
One of the better real estate videos I’ve seen. Gets me fired up man.
Thanks! Glad you enjoyed it!
Epic deal! I’m closing next week on a 5 unit deal. The rents are $700 each when the market rate is $850 each. About to send rent increases. May I ask 2 questions.
1. How fast did you raise the rent on these tenants? $50 at a time? $100?
2. How many (if any) left after the rent increases?
Top Comment thanks, I’d raise them to a little lower then market rents in one shot. If you want them at 900 for new tenants tell them that’s what new tenants will pay but if they stay they will only be raised to 850. I lost a couple but nothing I couldn’t fill quickly.
Top Comment hopefully that helps
Chandler David Smith
It does. Thank you
I was wondering the same thing...bc I have really good tenants but, the rents are currently $200 below market rate...I bought the house with them already living there and I didn’t want to scare them off my raising the rent by so much...I think that I will raise them $50, over time, so that the rent can slowly catch up.
Brittany R
That has been my standard practice. I have several tenants that I raise $50 a year, so they can adjust to the new rent rates. I feel like going $100+ is too much for a low income family.
I once helped Chandler landscape his home. What a guy.
Im 18 and am working for my cousins , they flip homes and i learned everything in construction i need to renovate, now looking to invest, i still have a while to go though because i only have 5000 saved up but coming from poverty im going to make it, i have the knowledge that exceeds my peers and the hunger and work ethic to grind out these flips and eventually get into rentals, possibly airbnb at first( ill manage them ) and then once i hit a certain point start getting long term rentals because its much more hands off. great videos ur channel deserves more subs!👍🏼
Thank you! Love your hustle! Go get it!
Find a quadplex and do an FHA Loan. 3.5% down and get the seller to pay your closing costs.
Exactly what Andrew said. 3.5 down on a 2-4 Plex and start living for free ASAP
Let's hope you keep treating these tenants well. Owner/landlord is always the one who stands to benefit the most from this and can easily screw over these tenants. Hope you emphasize this fact more in your video.
Thanks!
Please go into the numbers more, I'd like to know details on what he was being shady about. Also how did you get your down payment.
Summer sales man! That is how he got his down payments..
Pest control to be specific. Some big money if you can knock and talk.
Love it man, great property. It always amazes me how different the same property can be with two different owners.
By far my Favorite Video Chandler! Really like how you showed your entire process, and how you were able to increase the value in it. Well done! The numbers are great! :)
Aaron Ross thank you so much!
Great video! Really enjoyed hearing the details of the deal and the timeline. Thanks for sharing and looking forward to more!
Thank you! Glad you enjoyed it!
Chandler. Do I white board break down in detail with expenses to follow you better. My math doesn't show the same and I want to learn how to do it. Thanks man.
Brandon Life & Family will do. Probably isn’t adding up because a lot of the numbers aren’t included. I’ll try and be even more detailed in the future
Congrats Chandler! Making big moves
Thanks!
I'm also in to rental realestate but on the other side of the world, in Sweden. It's very very different here but I still appreciate this a lot. Thanks and keep the content coming. Subscribed!
Thank you!
Color on the video is looking nice. Love seeing you scale, gotta catch up and challenge myself this week. Thanks for posting!
Casey Burns Investing thank you so much!
Great deal, my dude. Excellent example of a rental wedge. I look forward to getting to that level soon.
Justin Freeman thank you! Go get it!
The quality of your video is amazing! Great value, thanks for sharing 🙌🏽
Thank you!
Fortune favors the prepared. An old saying as on point today as several thousand years ago. Nice work!
A good video would be one describing the process of interacting with the tenants when raising rents if a lease is renewed
Will do!
I love the breakdown! Please continue to post more like this
Jake Jackson will do! Thanks!
Wow! That is an awesome property! Real estate is so forgiving over the long run.
It’s the best! Thank you!
Great video Chandler. I’ve only invested in homes and vacant land. It’s great to follow your journey on this project. 😀🏠🏠
Thank you! Glad it helped! Congratulations on your success!
Great Deal Chandler! My favorite youtuber back at it again with the in depth breakdown 🙉😁😎
Tevin Ballislife thanks! Means a lot!
Hey Chandler so the whole deal was owner financed? And how did you come up with the 20% down payment?
Thanks & Keep inspiring!
Basile Edmond door to door sales! Link in description if you want to know more! Thanks!
HE HAD MONEY !
You need money to make money
@@robertdean6222 not necessarily....you can bring in a partner that will put up the money. What you need is a Network. You dont need to have the money all the time. Cash runs out quick. If you have the deals and the network, money will come to you.
great infor man. Take away key points 1) build up local relationship. 2 find something youcan add value on. 3 know your market and your number.
Thank you! Love the recap!
This is a dream come true. I’m 21 and by the time I’m 30 I feel making $10k a month on passive income is all I’ll need to be content in life. So this video really sparked my eyes.
Thanks! Glad you liked it!
Thanks! Glad you liked it!
what do you do for passive income?
Like your video... what you did with this property is exactly what I want to do! 100% !! I like that concept of having the former owner finance the deal... lock in that rate!
Love it! Thanks for watching!
Great video! One question I have is, how did you fund the 20% down and rehab costs? Personal savings, a partner, leveraging equity in other properties?
Personal savings
*Mrs Patricia is legit and her method works like magic I keep on earning every single week with her new strategy*
Wow I' m just shock someone mentioned expert Mrs Patricia I thought I' m the only one trading with her.She helped me recover what I lost trying to trade my self
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Patricia I think she is the best broker I ever seen
Yes I' m also a living testimony of expert Mrs Patricia , Mrs Patricia has changed my financial status for the best.all thanks to my aunty who introduced her to me
Mrs Patricia is obviously the best, I invested $3,000 and she made profit of $28,000 for me just in 15 days Her success story is everywhere
Who's this professional everyone is talking about I always see her post on top comment on every TH-cam video I watched, I think I'm interested how can I get in touch with Mrs Patricia
good luck with your new invesments
Cihat Cicek thank you!
Freat video Chandler, I am looking on getting into a deal like this soon here. I am surprised that the tenants didn't care about the price hike.
I’m sure they cared, but it was still the best place to live for the price. Not a whole lot they can do 🤷🏻♂️
Hey Chandler thanks for sharing that that was a cool deal. Makes me motivated to want to do the same thing in the future
Thank you! Glad you liked it
Min: 9:35, So you could’ve gotten a non-recourse loan at 6+ % , 75% LTV, done your rehab and raised your rents and in one year made $1 million or more! In one year! Now if the seller didn’t want to be bought out, meaning wanted the note, then yes, you had no choice. So you did the right thing. Great deal.
Very Very CRAZY💵💵🏘🏚 AWESOME deal
CONGRATS DUDE 👌🏾👍🏾
matthew conner thank you!!
Excellent analysis, I really enjoyed this video. Thanks for sharing man
Thanks feels like this should be taught in school
Congrats 👏🏾😊 your videos are very inspiring I’m working on my 2nd investment property right now. Eager to learn more to get into multifamily.
Bryson Steele that’s awesome! Congrats!
Yes sir ! Got one just like this but it’s only a 4 plex haha. 24 sounds much much better lol. Good work man ☺️👌🏻
Congrats! Thank you!
Great video, love this subject matter...don't know where to start. Do you pay off the 20 yr fixed early with the profits, or use it to buy more properties, or both? Thoughts on that?
I never pay off any of my loans if I can help it! I use the money to buy more properties and I’ll even refinance if I have the chance to pull out a good amount of equity
amazing video brother. Glad i came across your channel.
Thank you so much! Glad to have you here 😜
Great video Chandler! These videos are amazing love watching them!
Stone Schneider thank you!
Loved the video! I’ve been investing in stocks with the money from Aptive but this year I’m going to get into my first rental property! Pretty excited, thanks for all the knowledge!
Taylor Barnes awesome! Go get it! Thank you!
Chandler, with the down payment and renovation costs you would be into the property for $310k. Does that mean with this deal you would be expecting to see profit after 5 years or so?
Any Ways you see cash flow right away!
An example of being overleveraged vs leveraged properly on deals.
multiHappyHacker thanks!
@@ChandlerDavidSmith Oh I was just asking for your opinion.
Question for you chandler, where do you keep your money for the down payment in the meantime? Cash? Money market? Stocks? Real estate? And about how much liquidity do you keep for future deals?
also your videos are getting better and better! 👍🏻
Thanks! That means a ton!
That is crazy man, well done !
Thank you!
Crazy deal! It is crazy how important knowing the market is.
Samuel Stidwell IV so true!
Great video man. I’m at 8 doors in 6 months want to grow to 200 one day.
Did you get 8 individual homes? The hard part I find is the down payments.
wichertj3 2 4plex in less then 6 months.
Veganin2016 Veganin2016 congrats! Keep up the good work!
Question: As a total beginner how can I begin finding deals? I can get about $50,000 from a line of credit so I will have to start with a duplex or 4plex but how do I find a good deal?
Great videos. Update on building the 3 units with renovation numbers?
Great job man. Love this.
Hey Chandler awesome video man, how did you fund the 20% ?
Dude, what a steal. Ive started shopping the pocatello/IF area.
Thanks! Go get it!
That's a great deal, congrats
Thanks!
Great deal
Thanks!
Hey, great video! I wanted to know how old the property is? Do you have any older propertys in the 30s-40s-50s that you own?
If I remember right it’s 60s or 70s. If the numbers work and the property is clean then I’ll buy any age. I have some older ones
That is a great deal..20 years @ 5% & you making money from the gate..with a POSITIVE CASH FLOW..PRINTING YOUR OWN $$
🤑🤑🤑🤑 thanks
seller financing like that is incredible
Excellent
Thanks!
this is insane! thanks for sharing!
Thank you!
Great content
Thank you!
What a freaking deal. 13%+ cash on cash with a 5% locked term. Truly a once in a lifetime deal with that many apartments and in such good shape. Little jealous on that one bud. Excellent video as always chandler!
Triage thank you so much!
Triage how is it 13% if you could break it down? I’m getting like 16%
Excellent podcast!
Thank you!
How is you cashflow only 60k? Are expenses and taxes more than half of your CoC return?
How do you deal with anxiety of getting into real estate ? I’m starting my journey in this I got a Leander and now an agent finding me a starter property. I’m new to this I love the aspect of real estate but the closer I get the more anxious I get but I really want to get into it .
It all comes down to education. The more you know the more comfortable you will be. It’s OK to be nervous because that’s natural but if you’re too nervous to pull the trigger you just need to put in more time learning your craft. Hopefully that helps!
Very inspiring story! Good job!
缪佩江 thank you!
Awesome video. Just Awesome.
Thanks!!
Break down what you had to do to the daycare. Permits, renovation, etc.
Stay happy brodah, that's dope
We need a video on how to get the "fillers" done. Trying to invest in something like that here in Austin sadly anything over 4 units has very little internet posts.
Chandler that is amazing but question your downpaymet was around 240k plus your rehad and closing how did you come up with your down payment ? Thank you
Hey could you or someone break down the deal structure or finances. So I know the property sold for 1.2 Million and you put down 20% and the loan was for 30 years at 5%. So how much was your loan Payments and other expenses, like Management (roughly)? Then you get tht number and subtract it from ($600 rent times 24 units)X 12 months) and the difference is your cash flow correct???? Then you get your 20% payment and divided by your cashflow to get the percentage??
I'm brand new to investing, 2 months in, so I appreciate anyone who helps out a newbie understand big deals like this. Would love to get into a complex deal soon
Thanks!!
You got it
That’s awesome! Thanks for the video
Thanks!
Wow..Chandler. congrats on this deal....I have a few single families and I'm looking to get into a larger multi by 2021...
Thank you! Congrats on your success! Go get it!
Well done Chandler
The Klicker Connection thank you!
This is what dreams are made of! Make sure you pick me for winning Wednesday! Lol... thanks for sharing your insights.
Cory Loveland haha thanks! I’ll see what I can do but I don’t pick haha
Just in paying back the owner financed loan it’s about $55,000 per year for 20 years. Plus you have property taxes and Managment expenses, repairs and some other things. Does that sound about right? Just looking at the crude numbers not taking in consideration for value and equity that you are building by owning the property and tax write offs etc.
A little more than that but yeah
I got a question for you. Did you have the full down, or did you have to borrow some, or partner with someone?
Scott Gadea full down
I appologize if it a redundant question but did the seller agree to finance 100% of the deal? Or did he ask for a down payment? What was the amount in closing costs too?
20% down
Fantastic, all the best with it.
Thank you!!
Wow and I'm only in the process of getting my first muti family in Florida can't wait to get to that level but I gotta be patience tho nice video bro.
Thank you! Congrats!
Nice property that is huge!
Thanks!
Nice video. Congrats
What a great deal, Congrats man!
The Out of State Investor thank you!!
You’re making me rethink my sale ! Where is this place located because your rents are really low.
I have 41 units bringing in over $33,000 a month the Cape Rate is 15%. I made $300,00 last year but just getting ready to retire.
My asking sale price is 2 million.
Is that tooo cheap ????
Your guy sold it 50,000 in the unit which is not bad and that is my price also and unit number 41 goes in with the deal as long as Buyer pays transfer tax.
What do you think Chandler ?
It's probably too cheap, you are averaging 805$ per month each appartement for the same 50 000$ per door. But I don't know which market you are in.
Where is your property? Sounds like a great deal 😜
I do think that’s low for a sale price. In my market you would be able to get much more
Robert, I would be interested in doing a deal for the property, let me know Stuart
how do you learn about your market? Is it just looking at prices on sites like zillow?
Question. What does a management company typically charge to take care of a 24 unit building ??
Good question @DC5Angelo
in general, 5% to 10% in my experience larger buildings are 5% (over 10 units) mine are 6.5% and 7.5% (6 and 4 unit) many things come into play, there experience, are the willing to take tenants to court.? do they maintain laundry room.?...etc. do they want a free apartment ? (usually 24 units plus). Shop around and make deals, they usually come down a bit at first, especially if they know you will be buying more, or when you buy more...hope this helps.
I think Chandler said it in another video, hopefully he will chime in...
Mine charges 7%
Dude for $400-460 a month 🤯 I would be salivating to get a deal like that
I love the energy! Congrats
Kyle Griffin thank you!
$43,000 in income on a 1.2 mil purchase price is a 3.58% cap rate. What is your plan as you pay down equity? Do you pull that money out or sell? In my market we purchase and sell from 8-12% cap rate depending on neighborhood grade, which translates to 25-35% Cash on cash return.
That number is after taking out loan. The cap on this is over 10
@@ChandlerDavidSmith thanks for the info. Then it would make sense to just hold it forever.
How did you get the downpayment. How did you make happy tenants after a rent raise ?
Door to door sales, link in description.
Your passionate bro that’s alright! 👍