Real state in Europe, specially in Spain
Hello partners.
Lately I am reading a lot about grant cardone and its rules of buying only multi family, minimum 16 units and all in the same location, but there are several things that I do not understand.
Are these properties new? that is to say, they are bought when they are being built ... if not, how is it possible to buy 20 units in a place where people already live?
Then he comments this ... where he finds 20 units for only 179,000 dollars?
I had a guy call in on my show, The Cardone Zone, and tell me I owned $ 100,000 equity in a three-bedroom house with a family of five. I quickly searched online to find a property for this caller and came across a $ 179,000, 20-unit building with a 15% cap rate. He would pay $ 48,000 per year on the mortgage and the return would be $ 22,000 per year. He's paying for the house he currently lives in, but the multi-family building produces income over the mortgage.
And my last question is ... is it possible to do this in Europe, especially Spain?