Has anyone here gone out and invested in alot of apartments?
I bought my first at 25 with an FHA loan which was 3% down.
I pay 300$ a month for mortgage and rent it for 980.
I'm looking at buying my second one but I started with just enough credit for a loan and now have to low of credit to get a traditional mortgage.
Picture related
Other urls found in this thread:
loopnet.com
youtube.com
twitter.com
I wish. Even if the housing market bursts, tons of people need to rent, and if you have a good apartment you're always making income.
I own a townhouse I paid $95k for making $800/mo. Wish I had 10.
im buying my second, i mean even if we are just paying the mortage, and covering HOA we are set. I am also intersted in buying a whole complex
how long have you owned the townhome?
I have $100k. How do i do this
Today I just made an offer on a 3brd condo (it's more like a 2brd with a study). Offered 87k, listed for 95k, in 2006 the buyer paid 110k.
Mortgage would be slightly less than 300, traditional mortgage. I'm putting 30% down. 175 HOA. It's right next to a medical school in a decent area. Realtor said I could get 1,100/month renting it to 2 people. I'm in the midwest.
For now I'm going to live in it with someone and enjoy the low monthly expenses while I finish up school. Eventually I hope to be able to rent it out and find the next place to move into.
>buy 1-2M apartment complex
>put 100K down
Collect rent & pay bills/taxes, reinvest the rest.
loopnet or zillow, with 100k, depending on your credit, you could get a multy unit property for 750k-1mil if your lucky
just call up a mortgage guy and buy a cheapo condo that will lease out. I bought my first with an FHA, your not supposed to but you can
the bank would loan around 80% so hes looking at 20% down on total
thats awesome, look it up on zillow and check out rental units similair yourself. today a realtor told me upfront a unit would rent out within a week. I looked it up on zillow and the next door unit hadent been rented out for over 100 days.
are you going to hold?
>I paid $95k for making $800/mo.
>9600$/year.
>10 years
What's the point?
i'm in houston, and it doesnt seem like the numbers lead to much more than breaking even. are there any good cities or areas that have good numbers?
how is he going to run it? Is he going to use a management company? ios he going to cover all costs? dumb if your going to buy a whole unit you need alot more capital. I want to do one in the future when i can use equity from my multiple units. Dont get me wrong if you have a whole complex it can replace your salary no problem
im not selling drugs, and its passive income. It covers itself when renting so it will last long term
fucking dweeb
>its passive income.
Yeah, that's what i was waiting, pasive income is a smart thing, don't get offended user, i really wish buy some houses for rent
Fuck rent. Not for my nerves to handle with niggers, students or alcohokics.
I buy some flat that looks like shit for good price, do renovation as cheap as possible and sell it for 40%-60% profit after one month. Much better than renting
im houston as well, dont invest here its too expensive consider relocating and look at colorado or oklahoma for a while until you can remotely manage it or hire property manager for like 200 a month or some shit
realistically since he will need to put 100k down so he could afford a property up to 500k, he would also need to find a property with solid history of net income return and occupancy
I own a 4 unit building I bought for 92k that rents for 2k a month. I'm pretty happy with it. I'm thinking about buying a 12 unit next
Dont waste your time with niggers. Get a property management group. You will get a check at the end of the month and will have to pay HOA and end of year taxes. Easy, but dont look like your not still on top of your property or you may get fucked by the PMG. I have heard multiple times of people firing groups for bullshit repairs
not being mean, but that is a serious thing. Who cares you will buy one property and get rent monthly
so mine is 75k bought = 980-1000 a month-HOA(195)-mortgage(315)-10% PMG i usually get around 600$ a month.
I was told if you take care of your property for the first 5 years your property will take care of you for the rest of your life. I dont know if this is true but my boss has 7 rentals and hes not bad off
Yeah, I plan to hold it for a long time. Even If I don't rent it out, I'm going to live in it. Renting anywhere would be 2x+ the monthly expenses for a 2 bedroom.
As an experienced renter, 1.1k is expensive for a 2 bed in this area. But it's much nicer than my 900/month 2 bedroom that I have right now. It would take the right person to rent at 1.1k-1.2k, like the doctors and med students that work in the hospital 2 miles away. If anything, it would be very competitively priced at 900.
marginally passive income, diversification
It's usually something you can rely on.
I paid $25000 for my down payment. The mortgage is about $500/mo. I'm making $800/mo. Gaining all that equity for little effort.
how did you find the bigger units?
nice.... i need to find out but equity can be used to buy bigger and badder units rigbht?
loopnet.com
if i triple my crypto im putting it down on this
why are there so many blue IDs in here ._.
BREAD THEME
youtube.com
Shit man. That looks so good inside and out.
lol
Yes, if you pay off your house (say 50%) then you can take equity out of your house as cash but you can't go below 20% equity.
Example: Let's say you buy your house at $80k with a $16k down payment giving you 20% equity, then pay the mortgage for a couple years until you have 50% equity. Let's say at this point your property is assessed at $100k. You can take out 30% equity against the property (you must have minimum 20% for most banks) you get $30k of money to play with that you only spent $16k for. You net $14k and essentially start your loan over at 20% equity.
very cool, i knew i could use it against other houses and such but didnt know for sure. When did you buy your first?