Buy Your First Apartment Complex (Step-By-Step)

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How I bought this 12-unit apartment complex and how you can too using the BRRRR Method! I break down the exact steps I took to acquire, rehab, rent, and refinance.
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Опубликовано:

11 окт 2024

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Комментарии : 84

@BadEconomyOfficial 20 дней назад

Literally met a guy who said he lived in a hanger, I think abandoned offices, Warehouses and Hangers MIGHT be cheaper. It depends on where you are.

@junevictor8721 5 месяцев назад

Let me tell all of you NO LENDER WILL JUST PROVIDE YOU WITH MONEY, PRIVATE, BANKS, etc etc, WITHOUT EXPERIENCE!!! The only person who will give you money is your wealthy uncle or friend.

@junevictor8721 5 месяцев назад

Also he has a relationship with the bank….typically you put down 25-30%

@sjawad7299 3 месяца назад

Damn my uncle Sam takes money from me every year. I guess I'm not getting any money

@jsedge2473 2 месяца назад

Most people greatly underestimate how strict banks are lol. When I bought my first house, I had 40k cash, made 40k/year, no other debt as i paid it all off and the house was only 75k. Anyone with any common sense in finance would say oh you could easily afford that. They still would not give me a loan without a cosigner. These guys getting million dollars loans are getting them from family, they have super high income already, or are friends with the banker lol. You aint going from median income to buying million dollars properties in 1 year

@asiancavemanr7657 Месяц назад

yup and how he got that 20 percent to put down from the bank put my brain into the twilight zone

@simply_elena_Diaz 3 дня назад

I’ve been in property management for 15 years. You must factor in the neighborhood, the job market, and the future prospects of the location.

@PaulWilliams0 6 месяцев назад

Very informative video. If I could make a request to put numbers on the screen? Some of it would be easier to follow. I love all your content!

@TheFasterFreedomShow 6 месяцев назад

We can look into that for sure. Stay tuned!

@FunkInvesting 9 дней назад

It's nice to see another way to do it! I show people a turnkey multifamily investment opportunity that is unlike any other. So it's very refreshing to see another way to do it that works well!

@TheFasterFreedomShow 9 дней назад

Most times, there's more than one way. Can you give a high-level view of your process?

@craigshak 6 месяцев назад

What you did not say is what are the terms of the loan from bank the first or the second time. Usually banks don’t lend fixed rate loans for 30 years for 5 or more units but it sounded like you got a loan for 30 years . Can you clarify if that was for fixed 30 or just amortization for 30 and you will need to refi in 5 years or pay a ballon

@DadLyfeYOLO 6 месяцев назад

Is it normal to get private funding without any of your own cash??

@zakeryday 6 месяцев назад

iinteresting video. i’m a new dad, I moved closer to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

@elenab3052 6 месяцев назад

it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little

@alpgeorge7012 6 месяцев назад

well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.

@caryishnagardner9429 6 месяцев назад

Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year.

@zakeryday 6 месяцев назад

this is all new to me, where do I find a fiduciary, can you recommend any?

@caryishnagardner9429 6 месяцев назад

Monica Mary Strigle is the licensed advisor I use. Research the name to find the necessary details for setting up an appointment.

@lloydlandsurveying8124 2 месяца назад

How would that exact scenario work in today’s inflated market when that same property is $1.1 million? The story from yesteryear is nice, but what about something current??? Thanks.

@offthetrail636 4 месяца назад

I was looking at that place as a first apartment purchase. I’m not ready technically but I veered my eyes that way lol. I live around Troy

@TheFasterFreedomShow 4 месяца назад

It's a nice place.

@hinfu007 5 месяцев назад

So you made 149k off this deal, but you said it took up 3 years of your time ?

@nguye1971 6 месяцев назад

Interesting. How do you get onto a contract without showing a proof of funds in the first place?

@TheFasterFreedomShow 6 месяцев назад

Private lender funds POF

@MemeTeam-tiktok 6 месяцев назад

Bro, I'm trying to do this exact strategy and still at the starting point. Any chance we can work a deal that I can partner with you on?

@TheFasterFreedomShow 6 месяцев назад

I have a community that does stuff like this but it’s more focused on single family

@AndreaAllen-v6y 3 месяца назад

Do these guys ever talk about when things go wrong?

@TheFasterFreedomShow 3 месяца назад

Yes. We recorded a podcast of all of our worst mistakes. I forget what episode it was but you should be able to search it.

@dncprncss 6 месяцев назад

How did you find your private money lender?

@EVNL576 13 дней назад

It’s private information.

@adambouchater80 6 месяцев назад

The question is how many deals like that you do in a given 1 or 2. I guess is none. You were lucky with that complex. The rate went down with Covid and the value of everything went up. Nothing special it was pure luck. Timing was perfect

@jjsupremeorta15 6 месяцев назад

No, time is perfect. Sit on them for a few years.

@eddiecenteno8 18 дней назад

Ive always been asked where is the down payment coming from because most lenders want to know you used your own money for the down payment, how di you get around that?

@TheFasterFreedomShow 18 дней назад

I use private lenders.

@EVNL576 13 дней назад

@@TheFasterFreedomShow Can you share who are the private lenders or is it only for private members or close friends?

@TheFasterFreedomShow 4 дня назад

You already know your possible private money lenders. They are teachers, blue collar workers, insurance agents and more. Most of my private lenders are just people that worked hard and want to diversify their retirement accounts.

@EVNL576 4 дня назад

@@TheFasterFreedomShow Okay, you not going to share more I guess.

@TheAlpineHomesteadAdirondacks 6 месяцев назад

Was there a challenge on number of recent deals questions for either lender? how would you manage this? how much of the lease income was used towards lenders 75% ? it was enough to get approved obviously the deal happened... I'm looking to do this.

@TheFasterFreedomShow 6 месяцев назад

It’s been much harder lately with the cost of money

@ryanantonellis1335 Месяц назад

Real estate comes down to knowing how to communicate, and being confident enough to to sell someone you know or someone you don’t know on why they should fund the down payment. That’s the missing link for most people, but that’s not hard to do once you can assure people that they’re going to win from your deal. The amount of people you know right now who likely put their money in 4% savings accounts but would love to know about a better way - it’s more than you think. You just have to be the man with plan, and eventually if your plan makes sense someone is going to pay the down payment. $186k is not a lot to most middle class boomers.

@TheFasterFreedomShow Месяц назад

True. Real Estate is one of the best investments, even when the investment is being a lender.

@juzefzoozoo 5 месяцев назад

How did you know what the cap rate would be at time of refinance?

@NashvilleRealEstate615 4 месяца назад

What is your positive cash flow amount after refinancing everything?

@KevinWilliams87 4 месяца назад

did you need a business plan for the PML or Bank approval or just a standard application ?

@TheFasterFreedomShow 4 месяца назад

Each bank is different. I put together a private money credibility packet to give to lenders. A business plan is helpful too.

@dakotap1354 6 месяцев назад

Im a little confused on the refinancing part. So you paid off the private lender of 186,000 and the bank loan of 546,000 and refinanced you for a new loan of 880,000? Or they gave you $880,000 because of the propety value increase, and you used it to pay off all the loans.

@EVNL576 13 дней назад

It means he raised everybody’s rent, now you know it’s not exactly bad economy.😅

@withny1234 Месяц назад

Great steps!

@TheFasterFreedomShow Месяц назад

Thank you.

@lissettelozada8769 4 месяца назад

Love this!

@TheFasterFreedomShow 4 месяца назад

Thanks!

@STOICSOUL777 5 месяцев назад

Did you do the renovations yourself or hire a contractor?

@jeanqbxx 2 месяца назад

Why did you go too small? 35 units plus guys.

@TheFasterFreedomShow 2 месяца назад

There aren't any that small in the area we bought this apartment. Also, we were breaking into multi-family and it's tough to start in the big properties.