All Forum Posts by: Jason Barnes

@Jay Hinrichs I’m 25 work in the steel mill near me make pretty good money and have been saving a couple years I just feel like I’ll be old by the time I could actually afford a big building. I don’t know where to go to find someone trustworthy to go in on it with me

@Mike Dymski appreciate all the info. What do banks usually require as a down payment? 20% or less? And somebody told me that your net worth has to be able to cover the loan is that true ?

@Mike Dymski can you get more then one loan? If you still owe on another?

Okay so there is this guy, he wasn’t very wealthy at all. And now he owns multiple high rise apartment buildings. And is loaded. My question is after he got the first one. And paid all that money. How did he afford to keep buying more and more of them? I’m sure he still owed on the first one before buying the second how does this work. Will they give you multiple loans? While still being in debt owing money on the first building? I don’t understand. How did he grow while having all that debt ?

Thank you

I didn't realize you have to have a net worth for the whole loan. Is that absolutely necessary? Thanks for the info

My net worth is not as large as the loan maybe 3/4 for the loan. I thought if you didn't pay they would just keep your downpayment and take over the building? 

Thank you guys for the info

Not really the owner of the properties is a friend of a friend so I'm hoping he will stick around and help me out a little bit but he is old and I'm sure he is just trying to get out. I have friends that own properties but nothing this large

Thanks. I know this is a huge investment for a first timer. Do you think it is possible to get that kinda loan with no portfolio. We both have great credit and work full time. And have a large downpayment