Hello, I am highly interested in owning or renting an apartment building, but I truly don’t know what is needed? Or roughly how much I need. Etc. I am just getting my foot into the door, what would I need to become a landlord, how do people keep track of rent and paper work ? Is this truly a good investment ? Please let me know :) thank you!
Hello Marcus, definitely start educating yourself (reading, podcasts, looking at deals). MF is indeed a great investment, I suggest contacting lenders and brokers in your area to find out about the local market etc.
Thanks for the feedback :), what readings or podcasts would you recommend?
Well definitely the bigger pockets podcast as well as the bigger pockets rookie podcast. For books, consider the beginners guide to real estate investing by David Greene and Joshua Dorkin, also Michael Blanks book on multi family is great Aswell.
Hello Marcus, definitely start educating yourself (reading, podcasts, looking at deals). MF is indeed a great investment, I suggest contacting lenders and brokers in your area to find out about the local market etc.
Hey Marcus, love the desire to own an apartment building! Start building up smaller wins and get the ball rolling for your capital and knowledge. Educate yourself and start seeing if you can get your feet wet with single family investing through house hacking or live and flipping. These can build your confidence and influence for when you need to raise capital for an apartment building.
Hello, I am highly interested in owning or renting an apartment building, but I truly don’t know what is needed? Or roughly how much I need. Etc. I am just getting my foot into the door, what would I need to become a landlord, how do people keep track of rent and paper work ? Is this truly a good investment ? Please let me know :) thank you!
Hi Marcus,
Your lender will (Dictate) the terms of the loan, and to get the loan you must be the kind of person that meets those requirements--or work towards becoming that type of person.
With 2 to 4 it's possible to get in for a very low down payment (compared to the down on a larger property), study up on the house hacking stuff.
There is a lot of info about it on this site.
Bigger than that, and you will need a multi-family loan and then you are looking at probably at least 30% down with possible net worth requirements, and possible cash holding requirements.
It's best to talk to a few lenders about the loan products they have to offer, because the 5 or more loan terms can be different for each lender.
Starting with local banks for the 5+ loans might be a good move.
As far as the 2 to 4, if you intend to use that--understand the loan requirements completly.
Hello Marcus, definitely start educating yourself (reading, podcasts, looking at deals). MF is indeed a great investment, I suggest contacting lenders and brokers in your area to find out about the local market etc.
Thanks for the feedback :), what readings or podcasts would you recommend?
Hello Marcus, definitely start educating yourself (reading, podcasts, looking at deals). MF is indeed a great investment, I suggest contacting lenders and brokers in your area to find out about the local market etc.
Thanks for the feedback :), what readings or podcasts would you recommend?
Well definitely the bigger pockets podcast as well as the bigger pockets rookie podcast. For books, consider the beginners guide to real estate investing by David Greene and Joshua Dorkin, also Michael Blanks book on multi family is great Aswell.