Just came back from doing some inestment researches… and I have a question. I may not like the answer, but I would like to get feedback on how to do this…
OK. So I hear and read that people start from scratch and end up being millionaires etc… My passion is with multi-families. I don’t know the process or steps and hope to find the answers here but here it is…
First off… for the sake of this question… lets say that all my money that I have is tied up for the next 10 years and I have a property at the moment that I’m living in.
Lets say I see a nice multi-family that I want to buy. The price is reasonable… Not the best but not the worse, just reasonable. Now, lets say I want it to buy it. Whats the best way of financing it? Keep in mind the tied up money. What are some creative financing ideas?
Lets say I obtain this property, how does it work with the monthly payments? When do I start the monthly payments? Is there a program where I pay less because its an investment property? Also, the main question… what if I can’t find someone to rent the units? Then what happens?
Thanks for letting me know… I do appreciate it but I’m afraid of the answers that I’ll be getting…
Since your money is tied up for the next 10 years, I think you are going to have trouble finding a multi-family property that you can finance 100 percent of the amount. Most mortgage companies (if not all) will want you to have at least 10 percent down and most will want you to have 20 percent for multi-family. As far as your question about how does the payments, I do not understand your question. It works like a house payment or a car payment only bigger.
Would love to help ya out but I got alot of questions of you to find out more information…
What is your money tied up in? Is it something you can borrow against? Like a 401k, stocks, securities, your current house, future lottery payments or maps to buried treasure?
Your current house… do you have any equity in it? How long have you had it?
If you are looking for resonable prices on multi-family properties you prolly won’t do anything without cash. If you truly have no access to cash or loans with something as collateral then you need ABSURD prices…RIDICULOUS even!
AND it is possible to find them…Just gotta look hard.
Find motivated sellers of course.
Find properties with multiple mortages on them. The more the better.
Look for properties that have people in them! You want rent coming right away.
Learn ALOT MORE about the industry of apartment managmemt and ownership.
FYI, forget about those get rich quick ideas and just make good solid investments that make POSITIVE cash flow and if you continue to do that for 2-5 years you will stop one day and realize how rich you really are!
Number 1 NEVER use your own money to make money investing in real estate.
Number 2 never buy a property that the price is reasonable, you either buy it for a “dime” or you dont buy it.
Number 3 do your self a favor and do not start investing in real estate yet, you are not ready trust me you will thank me later.
Join your local REIgroup there is a lot to learn in order to invest properly.
And yes it is true that people start from scratch and end up being millionaires as a matter of fact just about every person that I know or have ever met in my life that in filthy rich was very poor in the begining of it all.
They started with nothing, in many cases not even enough money to pay there own bills, eat, or afford a car.
I know this one woman that her parents one day could not even afford 1 buck when she was a kid for her to go swimming in the neiborhood pool that is how poor she was, today she is not only a billionaire she has a TV show, is one of the most successful financial advisors in the Country and one hell of a investor.
Because they had nothing to show for, no money, sometimes not even a job, bad credit, etc. no support from anyone not even family at times the only way out was to be as creative as possible.
They did not have the material posetions that many others had but they have what millions do not, and that is the ability to be creative, the power to believe that they can do it with what they have.