Posted by Randy on March 05, 2011 at 19:49:05:
I think that is wildly unrealistic.
How do I get a deal done? - Posted by Pete
Posted by Pete on March 05, 2011 at 08:52:14:
All,
I would appreciate some advice from the experienced investors. Here is the my background:
I have a 730 credit score, earn approx $130K/year in gross income and have $3,500 in total debt left. Furthermore, I have about $65K in the bank, as I have been focusing on paying down my debt.
My question is how can I buy an apartment? I am looking for a 50 unit building at a minimum. The feedback I am getting from some lenders/brokers is that I need more cash to put into my deals. It’s frustrating hearing such responses and I know there has to be another way.
I look forward to your feedback.
Re: How do I get a deal done? - Posted by Chris in FL
Posted by Chris in FL on June 12, 2011 at 08:40:48:
Why do you feel you have to have at least 50 units? Start with something smaller, bought right and with good cashflow. Use it to build cash and equity, and later trade up to a bigger building if you still want to.
Best wishes,
Chris in FL
getting a deal done - Posted by Edwin
Posted by Edwin on April 07, 2011 at 23:52:06:
Pete, what’s frustrating when you ask for advice but don’t even give the price and income of apartment you are trying to buy. 50 units? What the hell does that mean? 50 units that is $5,000 a unit, or $40,000 a unit?
Re: How do I get a deal done? - Posted by Dennis
Posted by Dennis on March 05, 2011 at 21:05:26:
You’re going to need partners to get enough equity to buy 50 units. Assuming a $40,000/unit price (depending on location and cash flow) you’ll need a minimum of $500,000 to qualify for a $1.5 mil. loan to buy 50 units (75% LTV).