All Forum Posts by: Terrill Clark

Andrew Syrios I don't think I would have thought of that, but that makes total sense! Thanks for that!

Nichole Stohler I LOVE what you're doing with this! I'm leaning toward getting a small apartment building in the near future but I was thinking multi family units brought in more money monthly. Looking at your numbers above, $321 monthly means about $80 is made each month from each unit. Is that pretty much normal?

Jonathan Twombly WOW...this may take a little more time than I thought! Thank you SO much for that insight! Just curious, what kind of money do you actually net off of each unit after factoring repairs etc? I've read a few people clear maybe $70-$80 off each unit but I thought it would be something like a couple hundred at least Would you suggest I hold off until I could afford something like a 50-100 unit property before I got in the commercial real estate game?

Hey Biggerpockets Family!

I've been away for a while just learning what I can while working a **** ton so I can save up for my first property. My plan has shifted from wanting to flip homes when I first started on this journey and I now want to own apartment complexes. 

My goal is to own a 12-15 unit complex. I've been looking just to get an idea and see that they typically start around 1.5million for 10 or more units (I live in Minnesota)

Starting out, I'm aiming for 5-8 units. I'm thinking I'll need around $90,000 for a 20% downpayment and maybe $50,000 for renovations (just aiming high)

I don't have any experience managing properties and people I've shared this goal with (many whom never attempted anything like this) all suggest I start with something like a duplex but I believe that a duplex and apartment complex would be different experiences

I'm just looking for some success stories as well as things you've learned on our journey that would've helped you succeed when you purchased your first complex

I'm 26 & I feel like I'm sacrificing all of my time working so I can make this happen. ANY helpful input would be GREATLY appreciated!

Thanks! Stephen McClanahan J Scott

Hello Everyone,

I'm looking to get started in home flipping & I'm looking for advice from those who do it regularly, and those who have done them in the past. I'm working a ton right now so I can save enough to fund my first flip. Just like most people, I'd need a loan of some sort, but I'm curious to know what you pros think is a "good" amount of my own cash to put into this first flip. I know rehabs aren't cheap, but I've read posts about people doing it with little to no money of their own. 

This would also be my first home purchase, so worst case scenario, I wouldn't mind having to live at the home I do this on. I have gotten advice from tons of people saying I should put a 20% down payment on a home, but to be able to do that AND afford a $30,000-$90,000 rehab sounds unrealistic. I'm also wondering if trying to rehab/renovate a townhouse or condo is "worth it" I cant imagine the return being as large as a house, but I'd imagine there is some sort of profit someone out there makes doing them.

Any input is MUCH APPRECIATED!

Nate Hananger well I only really know to search mlsonline, zillow, realtor & trulia when looking for homes and I've noticed a lot of foreclosures Are there any other sources I should check for homes that you guys could recommend?

William Brown thanks! I'll see if I can find someone that focuses on foreclosures in my city and see

Hey BP Family, Does anyone here buy/rent out apartments? Not the whole building, just the actual units inside the buildings? I'm thinking about buying one or 2 since they're cheaper so they'd get paid off faster and then I'd make all profit from rent each month Anybody do this and wish they didn't? Thoughts? I've been looking into purchasing homes to flip but I'm still not 100% sure if flips make much money in Mpls since decent areas seem to cost 200,000 as it is

Jared Stroebele thanks for the info!