- Joined
- Mar 15, 2008
- Messages
- 6
I am trying to buy an apartment block .
This is where I sit - I have 2 rentals positive cash flow of $600.00
1. mgt of 72 K
2. mgt 175K
I live in my residence in fort mcmurray. mgt payments of $3K, but soon will be able to get roomates that will total $2700.00
Mgt $ 555 K
salary is $85,000.00
I remember reading something in Don`s book about buying commercial buildings and that they are possibly easier to get a mortgage. Depending on the percent of vacant ratio to rental in your units.
In a nut shell I am trying to figure out how is it possible for someone tlike me to buy a apartment block, that is say 600K to 1 million or higher, who only makes a salary of 85K.
Are ther any in`s and out`s I should consider or look out for?
This is where I sit - I have 2 rentals positive cash flow of $600.00
1. mgt of 72 K
2. mgt 175K
I live in my residence in fort mcmurray. mgt payments of $3K, but soon will be able to get roomates that will total $2700.00
Mgt $ 555 K
salary is $85,000.00
I remember reading something in Don`s book about buying commercial buildings and that they are possibly easier to get a mortgage. Depending on the percent of vacant ratio to rental in your units.
In a nut shell I am trying to figure out how is it possible for someone tlike me to buy a apartment block, that is say 600K to 1 million or higher, who only makes a salary of 85K.
Are ther any in`s and out`s I should consider or look out for?