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Posted almost 10 years ago

Here I come, First Apartment Purchase!

My wife and I currently have 5 rental units -- 2 condos, 1 SFH, and one duplex. We've gotten along pretty well with these and are enjoying the cashflow, but it's time to step it up. We want to reach our goal of replacing my income and her previous income (since she's now a stay-at-home-mom) with rental income. We can do that with single-family home or duplex purchases. That route will get us to our goals eventually, but it will take awhile. Or we can do it with small apartments. Apartments will get us there much more quickly. There's an economy of scale in apartments that you don't get with SFHs or duplexes. 

I have Lance Edwards' book How to Make Big Money in Small Apartments to thank for helping me realize it is indeed within the realm of possibility for us to buy small apartments, and do it with none or little of our own money. As in most real estate books, there are details left out that one must attend to on their own, but his book put my mind thinking in the right direction. 

I feel like I can find the deals through my upcoming direct mail campaign. But I need to know where my partner/investors will come from before I jump too far into it. My first step is to find people willing to be partners on these deals. I have a meeting with a local mortgage broker who knows lots of people with money to discuss this next week. I hope that it will be fruitful.


Comments (2)

  1. Hey Chris, thanks for sharing as well.  I'm in a similar position with you as well with a townhome and a 4plex.  I read Lance Edward's book as well.  Have you taken Lance Edward's training at all?  He's right next to me but I'm trying to verify if his training is for real or not.

    Best to you on your journey!


  2. Thanks for sharing Chris, that's great progress.