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Andrew K.'s profile image
Andrew K.'s profile image
Andrew K.
  • from Avon Lake, OH
  • Member since Dec 20, 2015

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Andrew K.'s profile image
Andrew K.'s profile image
Andrew K.
  • from Avon Lake, OH
  • Member since Dec 20, 2015
Andrew K.
  • Avon Lake, OH
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Multi-Family and Apartment Investing

15 unit asking 2.5m!!! Can a newbie do it?

Andrew K.
  • Avon Lake, OH
Posted

I have been looking and found a nice 15 unit building in a solid neighborhood! Problem is I haven't done any deals yet. Going over how could I get this done? Any ideas?! Net income is around $120kyr. Rents are about $18k monthly. Does this seem doable?

Cleveland, Ohio
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Chris Seveney's profile image
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Chris Seveney
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  • from VA
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Chris Seveney
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Chris Seveney
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Chris Seveney
  • Investor
  • VA
ModeratorReplied
Quote from @Andrew K.:

I have been looking and found a nice 15 unit building in a solid neighborhood! Problem is I haven't done any deals yet. Going over how could I get this done? Any ideas?! Net income is around $120kyr. Rents are about $18k monthly. Does this seem doable?


 Do you have $500k for the down payment? Do you also have another $150,000 in reserves? IF not, then the answer is no. While someone may say try and get it owner financed etc for less, do not do this.

I would also expect to take a lot of lumps along the way.

  • Chris Seveney
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