Buy Your First Apartment Complex (Step-By-Step)
youtu.be
The speaker shares a success story of purchasing a 12-unit apartment complex without using their own money and making a substantial profit. They found the property listed at $750,000, negotiated it down to $682,000, and secured 100% financing. They used a private money lender for the 20% down payment and a local bank for the remaining 80%. Additionally, they obtained an extra $50,000 from the private lender for capital improvements. The strategy involved borrowing from a private lender and a local bank, paying the private lender 7% annualized cash from the property's cash flow, and increasing the property's value through renovations and improved amenities. The property's value increased by approximately 80% over two and a half years, leading to a successful revaluation in 2021. They refinanced the property with a $880,000 loan over 30 years at a lower interest rate, enabling them to pay off the original bank loan and return money to the private lender. The speaker is unsure whether they reinvested the remaining sum or withdrew it. The property improvements included painting, new trim, luxury vinyl plank flooring, new appliances, and nice countertops, contributing to the increased value. The speaker playfully suggests a bet to make their colleague grow a mustache and reminds listeners to watch the content on YouTube. Lastly, the speaker emphasizes the importance of making property improvements to increase rent and encourages viewers to like, comment, subscribe, and share the content to inspire them to think differently about creating wealth.
The speaker shares a success story of purchasing a 12-unit apartment complex without using their own