Someday I would like to own an Apartment building. Is it profitable? Can I start no money down? How?
My perception is Apartment buildings are profitable in the long term, hold value, and create wealth. I know there are certain risks: unpaid rent, high maintenance, possibly cash flow issues.
Although I don't have any money, I have seen several people who are making money by renting homes or Apartment buildings. How can I get started with no money down? Is HUD all that bad?
I have been the HOA president for 2 years now (an unpaid position), those are my only credentials. I own my home free and clear, but alas I'm broke now. My duties are: coordinate with vendors, make minor repairs, change light bulbs, meetings, etc.
I know someone down the street who owns 2 properties, she seems to be doing well renting them out.
How can I get started? Are there any classes I can take? Is there government help?
It might sound cliche' but, how can a broke guy someday become an apartment building owner?
Regards,
M
Michael,an investment loan will require at least 20% down. You will need a 2 yr. work history good credit & a steady income. The government programs that are out there are mainly geared toward first time homebuyers & helping people in trouble hold on to their homes. your plans sound good,but you will need to start saving & building up your credit for the future. In the meanwhile,educating yourself about the ins & outs of this is a great idea. If you scout around,you can probably find a lot of good info online without having to pay for it.
Good luck!
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