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Updated almost 8 years ago on . Most recent reply
1,000 rental houses does this seem reasonable?
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Great plan, but you'll need more money than that. Most likely you'll need 25% down, maybe 30% (depends on lender). Plus, you'll have to cover closing costs--factor in another 3% or so. It's also likely that some or all of the homes will need some type of rehab to make them rent ready.plus you'll need some cash reserves not only to satisfy your lender but to cover operating shortfalls, especially as you are initially leasing up--expenses from empty houses but little income from occupied ones.
I bought over a hundred in two year's time around a similar price point as you are proposing. It took $5 or $6 million to do it. To do a thousand would be closer to $50 to $60 million.