Apartment Buildings Are a Great Investmest Brehs

[G.O.A.T Squad Spokesman]

You'll never have to worry about being broke as long as you got people paying you rent every month from multiple residences. I'm about to get into it real soon. Look at what 400,000 can get you in Birmingham, I know it's the hood but it's still multiple checks coming in monthly.


1440 21st St N, Birmingham, AL, 35234 - Apartments Property For Sale on LoopNet.com

 

[G.O.A.T Squad Spokesman]

22 units at $550 a month=$12,100 coming in every month on a piece of property you only paid 400,000 for. That's $145,200 coming to you every year while you sit on your ass and have the property manager handle shyt.

 

[MR. SNIFLES]

GOTTA BE ABLE TO AFFORD TO BORROW 400K THOUGH.

 

[levitate]

My boo @dora_da_destroyer taught me this.

 

[G.O.A.T Squad Spokesman]

GOTTA BE ABLE TO AFFORD TO BORROW 400K THOUGH.

Credit is a beautiful thing.

 

[MR. SNIFLES]

Credit is a beautiful thing.

CREDIT ALONE IS NOT ENOUGH. GOTTA HAVE SOME EARNING POWER MIXED IT. 700 FICO ON A MINIMUM WAGE JOB WON'T GET YOU ANYWHERE.

 

[Bawon Samedi]

Multi-family real estate investment is my dream. I am even thinking about properties outside the USA which can sometimes be CHEAP. But for now just a dream/goal.

 

[YamakaSmacker]

Start out with a multi unit. Stay in one and be hands on

 

[MR. SNIFLES]

I SHOULDN'T BE A NEGATIVE ASS. I PUT MY OWN SHORTCOMINGS INTO THAT POST. I DON'T HAVE 400K AND WAS A LIL SALTY FOR SOME REASON.

 

[G.O.A.T Squad Spokesman]

CREDIT ALONE IS NOT ENOUGH. GOTTA HAVE SOME EARNING POWER MIXED IT. 700 FICO ON A MINIMUM WAGE JOB WON'T GET YOU ANYWHERE.

Most homes out here in the Bay cost more than that and these banks are giving nurses loans for $600,000 homes. If they know you're purchasing rental property they're more likely to give you the loan because they can see the return more likely.

 

[Doobie Doo]

Ok what about money for maintenance, property taxes etc....

 

[G.O.A.T Squad Spokesman]

If you have family you trust you can move some of them in.

 

[G.O.A.T Squad Spokesman]

Ok what about money for maintenance, property taxes etc....

I didn't say the entire $145,200 would be profit. So if you include maintenance and property tax how much do you think you'll net from that $145,200? I'm sure it's still enough to make you happy while sitting on your ass and going to the mailbox every month.

 

[Actually6Foot3]

22 units at $550 a month=$12,100 coming in every month on a piece of property you only paid 400,000 for. That's $145,200 coming to you every year while you sit on your ass and have the property manager handle shyt.

Taxes and expenses to fix shyt, a super, etc eating a lot of that. Add in the fact that depending on where it's at you might have some vacancies. Then the cost of hiring an agent to rent the units etc etc. It's not just all into your bank account

 

[TL15]

GOTTA BE ABLE TO AFFORD TO BORROW 400K THOUGH.

Or you can get with 4 brehs (or however many) and start a Real Estate Fund and go to a bank with that


4 brehs each putting in 5K is 20K... not too sizeable of a down payment, but decent for a bank to want to fund you with 4 people as collateral

You then switch shifts managing the property, and you each collect 3K a month. The loan payment on 400K with 20 down is probably around 3K a month, so if you round up and pay 4K a month, you and the brehs are each making 2K a month on just this flip

Do that a few times and you and your friends are now managing and owning 6-7 properties making money collecting rent.