Questions from an aspiring apartment building owner and lessor:
Hello! I am a young aspiring entrepreneur from Los Angeles, California. I was recently told by a large company's ex CEO that multi-family real estate investing was a really lucrative type of money making, especially in the very metropolitan and dense Los Angeles. I've done a little research, and have come up with some basic questions that maybe some of you could answer for me:
- 1. I am currently 19 years old, and in college studying Business. If I really make sure my credit looks good, would it be realistic for me to think that I can buy my first property by the time I graduate(3-4 years)?
- 2. Will I be able to get a large enough loan for a property in Los Angeles, average prices ranging from $1.5 - $3.5 million for a 10 unit property?
- 3. I want to find a loan where the collateral is the building. I dont want the bank to come after me if things don't work out as planned. How can I go about this?
- 4. Would it be possible for me to get investors to help me put a sizeable "down payment" on the loan that I take? Where do I look to find investors for this type of "business"?
If you have anything else to tell me then by all means go ahead! I am an information sponge at this point. I have a strong drive and I am willing to do what it takes to get where I want to be. Thank you!