I want to buy my first apartment building wih no money or with seller financing?

Looking for apartment building, and want to buy an aprtment building with no money.
If theres anyone out there willing to help me buy my first apartment Building.

Kind Regards
Why everyone is taking this for a joke wyle im serious im new to this all i need is an mentor.

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8 thoughts on “I want to buy my first apartment building wih no money or with seller financing?”

  1. That is the type of thinking that got millions of people into foreclosure and caused a real estate bubble. Only buy an investment property with a minimum 20% down and positive cash flow coming to you. Have a long term plan to hold property and move on from there.

  2. A entire apartment building costs millions, or do you mean an apartment in a building ? Having no money or seller financing is outrageous for now. Almost every country or city is in financial crisis right now. If you were able to do it alone,you’d be paying for it for the next 30 or 40 years.

  3. LOL. Comic relief for today! Owner financing? You’ll need at least one-third down — some want half down.

    Commercial property loans have never been done with nothing down. In today’s market nothing gets done with "nothing down," commercial or the 1-to-4 unit housing market. You need a minimum of one-third down for commercial property and always have needed that. In addition, for a commercial property loan, you need three years financials, plus 3 yrs pro formas, plus excellent credit, plus property management experience, plus a formal written business plan, and significant assets.

    For a partnership, you need to put your half of the money, have property management experience, etc. No one is going into partnership with you without character references (e.g. mutual business & professional relationships), money, top-notch credit, experience, etc.

  4. You might be serious, but it is not going to happen.

    You bring nothing to the table, no money, no experience, no owner is going to consider selling to you. A lender is going to require at least 10% down. Most owner financing requires 20% down. And no seller is going to want to hold your hand while you figure out how to be a landlord.

  5. Its really not that crazy of a question or an idea. Banks aren’t giving money out, especially the kind of money to put down on an apartment building. That being said, there are always current owners who are ready to get out of the industry and might be willing to do seller financing. I’ve been looking for courses about this stuff and this one was the best i’ve found so far: http://www.fortunebuilders.com/2008/08/07/than-interviews-apartment-house-riches-expert-dave-lindahl/

  6. gogded, the point of buying an apartment building or multi family is to make money, not to be a landlord. You hire a property manager to be the landlord. I took the course that Andrew M is referring to. I own 4 multi family houses now with one property management company taking care of all of them for me.

    To get the money to buy these or to get around a large down payment, you have to get creative. Every situation is different, but in the case of my first multi family, i used an FHA loan which was only 3% down.

    There is ways to get into investment properties. You just have to work at putting yourself around the right people (people at your local REIA, other investors, etc) and you have to get creative with things.

  7. So let me ask you this – if I actually knew of a property that could be bought like this, why would I pass the lead along to someone else? And by extension – if something like that ever happened, the first person that heard about it would take the deal in a heartbeat.

    This is the problem with Lindahl and the other messiah gurus. They promise riches with no money or effort. I guess it works for them because there is always someone new ready to shell out a lot of money for those “secrets”.

    The fact is, commercial property is a lot of work. And while I agree with Christopher M about property management, if you have anything less than 20 units it really doesn’t make sense from a cash flow issue. So that means that a large majority of the buildings first timers can afford require their own hands on management in order to generate any meaningful cash flow.

    So take one seminar ONLY or buy one course ONLY then go out and start looking for your first building. It’s not that big of a deal once you start actually looking at them and the numbers. The problem is that people are so overeducated that they never actually act.

    I closed on my first apartment building (20 units) 90 days after I started looking. You can too.

  8. Okay this is an old question but the answers before this were so stupid I had to respond. First YES you can buy a building for little or no down. These deals are fewer and fewer but do exist. First off realize if there is a building for sale under these circumstances there is probably a reason. The building is run down, over priced, problem area, or problem tenants. Or the obvious vacancy issues (problems keeping about 90% rented). Okay looking past that here are the steps.

    1) Start looking, call commercial brokers, commercial listing agents, check city records for pre foreclosures, etc. In short pound the pavement and look for listings everywhere and anywhere.

    2) While you are unlikely to get it zero down, you can take on a partner, take out a personal loan, or ask for partial (or full) seller financing on the sale. The later is the easiest sometimes and is a real option. The seller will make money by “carrying the paper (i.e. loan) and will tack on a couple interest rate points for his time. So he might finance you at 11% loan for three year term and he is borrowing at 8.5%.

    3) Most deals now require 20% down but pre-foreclosures, foreclosures, and owners with financial issues or back taxes are the ones that would consider something like this.

    It’s not easy but it IS possible….

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