Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago on . Most recent reply

No rules right? OK how do I get this 1895 Apartment building?
OK so I have never bought a property and there is a 12 unit apartment building for sale nearby($448,000). I have no money saved because I have been paying hard on some old debt. Credit score is 725-ish, yearly income $24,000 working at Lowes. At full occupancy, gross monthly rents would be $6445. According to Trulias affordability calculator the monthly costs are $2,927.
So how can I make this purchase happen?
Most Popular Reply

@Earl Salisbury Jr
The good news is you’re on the right track on paying down bad debt. The other good news is I commented on this saving you a lot of time, money and effort. I’m going to do this by telling you not to pursue this.
You are going to need a lot of money to make this work and if you have zero it’s just not gonna happen. If you don’t know anyone with a lot of money then you reallt have no way to do this.
I would focus on earning more money first before doing real estate. Then do a smaller deal to start and work your way up.