I want to own apartment complexes lets say 20 unit apartment building to start what do I have to do?
I have some basic work experince but a wealth of knowledge. I really want to do this but its not possible im not rich nor will i ever be unless I can do this. Sounds like an no brainer investment depending on loaction. 20 units at 600 doallr a month 12,000 dollars a month – expenses thats = a whole lot of easy passive income thats how the rich get rich.
Really what can I do being an employee only makes someone else rich! I have highschool education mild college no credentials in fact I have learned more online than I ever have or will in School. IM broke in relation to the capital I need it would take 40 years of pure hard work and savings so hard work is not the answer so please sont say that!! I feel hopeless I dont want to be a victim of society pay bill live eat etc.. I want to be the casino not the player you see? Any experts please help Investors heard that why would they want me I dont have the capital or a rich incle help thanks!! no spell check please forgive me.
Tags: brainer, credentials, highschool education, investors, passive income, victim of society, wealth of knowledge, whole lot, work experince
"I have learned more online than I ever have or will in School."
Yikes. You obviously didn’t learn much at all.
I’d advise you to get a job instead. Maybe as a skilled laborer? You don’t need a college degree, it will pay well if the position is in demand, and you’ll get benefits like health insurance, 401k, etc. It’ll be hard work, yes, but it looks like one of the better options for you.
Let us tweak your idea a little bit. Instead of an entire apartment complex, let’s have you own several single detached houses that you can lease out. If this is all right with you, I can give you some insight on how to achieve this.
There’s a woman I know who also only started work with minimum wage but is now the owner of 75 homes which she rents out. Her job withholds from her monthly pay social security contributions and contribution to the national housing project. This is how she did it.
She took a housing loan from the national housing project. When she got approved, she leased out the house for the price of the monthly amortisation and a little bit of profit. Then she mortgaged the house to a bank and to put as down-payment for second house. She leased out the second house again for the price of the monthly amortisation of the second house and again a little bit of profit. She did this for five houses. She took mortgages with amortisations that are easy enough for her to handle and pass off as rent for the lessee. Within ten years she was able to pay off most of the houses and in twenty years has 75 houses around the metropolis. She has also sold some of the older houses and had built townhouse type units, not really in 20-unit complexes, about 5 to 10 units per location.
I hope this helps. There are no short-cuts in this plan and it takes a lot of guts. BTW, though I am not the person in the story, I, too am in real estate (by genealogy).
There’s a lot of work, expense and hassle involved with owning apartments – its not just a matter of sitting back and letting the rents roll in. Maintenance, repairs, rent collection, tenant behavior problems, damage, evictions, etc. Not to mention the fact that you have to buy the apartments in the first place. Think about it.