How To... in 90640>Question Details

Michael, Home Seller in Industrial Area West,...

Someday I would like to own an Apartment building. Is it profitable? Can I start no money down? How?

Asked by Michael, Industrial Area West, Roseville, CA Sun Mar 1, 2009

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

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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!
0 votes Thank Flag Link Sun Mar 1, 2009
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