Buy Your First Apartment Complex (Step-By-Step)
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- Опубліковано 15 бер 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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Love this!
Thanks!
How did you find your private money lender?
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?
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.
Also he has a relationship with the bank….typically you put down 25-30%
Did you do the renovations yourself or hire a contractor?
Very informative video.
If I could make a request to put numbers on the screen? Some of it would be easier to follow.
I love all your content!
We can look into that for sure. Stay tuned!
Is it normal to get private funding without any of your own cash??
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
It's a nice place.
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 ?
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.
It’s been much harder lately with the cost of money
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.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year.
this is all new to me, where do I find a fiduciary, can you recommend any?
Monica Mary Strigle is the licensed advisor I use. Research the name to find the necessary details for setting up an appointment.
Interesting. How do you get onto a contract without showing a proof of funds in the first place?
Private lender funds POF
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?
I have a community that does stuff like this but it’s more focused on single family
Any one looking for their next apartment complex let me know i have on in Laredo Tx! Comment below if interested
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
No, time is perfect. Sit on them for a few years.
Nah.