Jun
27
I want to buy my first apartment building wih no money or with seller financing?
By
jesus4ini asked:
Looking for apartment building, and want to buy an aprtment building with no money.
If theres anyone out there willing to help me buy my first apartment Building.
Looking for apartment building, and want to buy an aprtment building with no money.
If theres anyone out there willing to help me buy my first apartment Building.
Kind Regards
Why everyone is taking this for a joke wyle im serious im new to this all i need is an mentor.
6 Comments
June 28th, 2009 at 9:23 pm
That is the type of thinking that got millions of people into foreclosure and caused a real estate bubble. Only buy an investment property with a minimum 20% down and positive cash flow coming to you. Have a long term plan to hold property and move on from there.
July 1st, 2009 at 4:56 am
A entire apartment building costs millions, or do you mean an apartment in a building ? Having no money or seller financing is outrageous for now. Almost every country or city is in financial crisis right now. If you were able to do it alone,you’d be paying for it for the next 30 or 40 years.
July 3rd, 2009 at 9:25 am
LOL. Comic relief for today! Owner financing? You’ll need at least one-third down — some want half down.
Commercial property loans have never been done with nothing down. In today’s market nothing gets done with “nothing down,” commercial or the 1-to-4 unit housing market. You need a minimum of one-third down for commercial property and always have needed that. In addition, for a commercial property loan, you need three years financials, plus 3 yrs pro formas, plus excellent credit, plus property management experience, plus a formal written business plan, and significant assets.
For a partnership, you need to put your half of the money, have property management experience, etc. No one is going into partnership with you without character references (e.g. mutual business & professional relationships), money, top-notch credit, experience, etc.
July 3rd, 2009 at 3:13 pm
You might be serious, but it is not going to happen.
You bring nothing to the table, no money, no experience, no owner is going to consider selling to you. A lender is going to require at least 10% down. Most owner financing requires 20% down. And no seller is going to want to hold your hand while you figure out how to be a landlord.
July 4th, 2009 at 12:53 pm
Its really not that crazy of a question or an idea. Banks aren’t giving money out, especially the kind of money to put down on an apartment building. That being said, there are always current owners who are ready to get out of the industry and might be willing to do seller financing. I’ve been looking for courses about this stuff and this one was the best i’ve found so far:
July 7th, 2009 at 4:47 am
gogded, the point of buying an apartment building or multi family is to make money, not to be a landlord. You hire a property manager to be the landlord. I took the course that Andrew M is referring to. I own 4 multi family houses now with one property management company taking care of all of them for me.
To get the money to buy these or to get around a large down payment, you have to get creative. Every situation is different, but in the case of my first multi family, i used an FHA loan which was only 3% down.
There is ways to get into investment properties. You just have to work at putting yourself around the right people (people at your local REIA, other investors, etc) and you have to get creative with things.