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Updated over 7 years ago on . Most recent reply

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5
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Earl Salisbury Jr
  • Grove, OK
0
Votes |
5
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No rules right? OK how do I get this 1895 Apartment building?

Earl Salisbury Jr
  • Grove, OK
Posted

OK so I have never bought a property and there is a 12 unit apartment building for sale nearby($448,000).  I have no money saved because I have been paying hard on some old debt.  Credit score is 725-ish, yearly income $24,000 working at Lowes.  At full occupancy, gross monthly rents would be $6445.  According to Trulias affordability calculator the monthly costs are $2,927.  
So how can I make this purchase happen?

Most Popular Reply

User Stats

7,695
Posts
7,862
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,862
Votes |
7,695
Posts
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied
@Earl Salisbury Jr The good news is you’re on the right track on paying down bad debt. The other good news is I commented on this saving you a lot of time, money and effort. I’m going to do this by telling you not to pursue this. You are going to need a lot of money to make this work and if you have zero it’s just not gonna happen. If you don’t know anyone with a lot of money then you reallt have no way to do this. I would focus on earning more money first before doing real estate. Then do a smaller deal to start and work your way up.

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