Real state in Europe, specially in Spain

[Oriol López Marti]

Hello partners.

Lately I am reading a lot about grant cardone and its rules of buying only multi family, minimum 16 units and all in the same location, but there are several things that I do not understand.

Are these properties new? that is to say, they are bought when they are being built ... if not, how is it possible to buy 20 units in a place where people already live?

Then he comments this ... where he finds 20 units for only 179,000 dollars?

I had a guy call in on my show, The Cardone Zone, and tell me I owned $ 100,000 equity in a three-bedroom house with a family of five. I quickly searched online to find a property for this caller and came across a $ 179,000, 20-unit building with a 15% cap rate. He would pay $ 48,000 per year on the mortgage and the return would be $ 22,000 per year. He's paying for the house he currently lives in, but the multi-family building produces income over the mortgage.

And my last question is ... is it possible to do this in Europe, especially Spain?

[Erwin Groenendijk]

Hi @Oriol López Marti, this sounds like a too good to be true story. Or, if it is true, you need a whole lot of experience to be able to find these deals. With being active now for 3 years, and getting better with every deal we are doing (we bought apartments, a building, and garages), something like this can not be found. Or at least not where we are active (Barcelona, Valencia, and surroundings). 

One tip: don't try to chase the impossible and the best numbers, try to start with a simple secure deal that maybe is not giving you the best ever ROI, but that is giving you the learning experience to do better and more in the future.

Erwin