What apartment building investing newbie book do you recommend

Question

What is the best books on amazon.com you recommend for a newbie getting started in apartment building investing

Joey Wang · Answer

Edwin, to learn how to evaluate an apartment investment, check out "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures" by Frank Gallinelli. It's a great beginner's guide as well as a reference book.

Carmelo Oliveri · Answer

I personally own buildings and this is the best way of doing with minimal investment and this is how i do it.  1) line up some hard money lenders or private investors.  2) Buy a fixer upper 3-4family property typically 60-65% ARV minus 10-20k to cover some of the repair costs.  3) Once renovated and appreciated in value, either refinance the property and pay back investors or hard money or sell to partner not on the llc docs and add yourself to the deed.

Example: Purchase price $150,000 Repairs $25-30K
Closing/Carrying Costs $17,000
All In For $197k but appraisal is about $260k.  If you refinance bank will lend you 75% of appraised value which is $195k.  You just bought a multifamily with 100% financing and netting over $1200/mo.  Now take that net profit and pay to principal balance every single month.  Do this over and over and in about 10 yrs you will own 15-30 apt buildings free and clear.  Best of luck

Mitch Sheean · Answer

The book by Matthew Martinez. "Investing in Apartment Buildings"

Curt Davis · Answer

For you I suggest real estate investing 101, anything along those lines would be good for you.  Your not ready for apartments.

Bill Walston · Answer

Check out Multi-Family Millions by Dave Lindahl.  A great read!

Peter Harris · Answer

What about Commercial Real Estate Investing for Dummies?

Justis Barnhouse · Answer

sounds like he was using you as a bird dog to help him find leads or undervalued commercial properties rather than teach you the ropes lol. Where did you meet this mentor at?

Edwin De leon · Answer

Hey Carmelo...

If you had to do it all over again - what can you share about your experience that you won't repeat again !

Edwin De leon · Answer

Hey guys ..thanks for all suggestions ! 
 
Bill and Brian Does Dave Lindahl - get into creative methods of acquiring properties besides using hard money methods ?

Can you share one of his strategies - do not have to go into detail word for word but a summary of one his creative financing methods for going after apartment buildings and does he teach about going after smaller apartment buildings from 10 to 50 units ?

Edwin De leon · Answer

Thanks to everyone on your recommendations !

I recently developed an interest in apartment buildings! I once had a mentor back in the early 90's who had me going after buildings in nyc way before me getting into hard money lending.

He was going to teach me how to acquire commercial properties using a different form of creative financing. Told me I did not need to worry about money, hummm ! I said ok, just went with flow !

He had me looking for apartment building owners who were motiviated. I found one that just wanted to get out of the building asap, and just wanted someone to take over the payments. The mentor disappeared on me and was not able to complete the deal...!

So the concept he was teaching w as to go after buildings that the owner was highly motivated, then try to match that need with some form of creative financing that would satisfy the owner and not require any out of pocked money for us. I imagine he had different creative financing strategies dependent on the deal type.

AD Kessler - A Fortune At Your Feet speaks about this type of creative financing.

Hard money is also creative but a different form of financing  which usually requires some skin in the game for the most part unless you develop a relationship with the lender and he trust your abilities based on experience with you that you can find, fix and flip properties........now you got Card Blanche to pick up deals and not put up any upfront money !!!

Thanks again..:)

What apartment building investing newbie book do you recommend

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