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#433987 - 03/14/14 02:20 AM Buying and Renting Out Small Apartment Buildings
OttawaFortLaud Offline
Junior Member

Registered: 03/14/14
Posts: 2
Loc: Ottawa and Fort Lauderdale
I want to a small four-apartment building and rent it out to people and get paid by them every month but the banks won't give me a loan to buy a building because I don't make enough money at my current job. What do I have to do if all I want to do is buy an apartment building and rent it out.

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#433991 - 03/14/14 02:46 AM Re: Buying and Renting Out Small Apartment Buildings [Re: OttawaFortLaud]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7868
Loc: Vermont's North-East Kingdom
Maybe take on the role of being a Property Manager for someone else for a few years and then be in a position to demonstrate that you are psychologically outfitted and have the ability to attend to the needs of both the building and its tenants while still producing black ink on a bottom line.

That might impress a Lender; but I'd plan on buying an already in existence building instead of trying to get a construction loan in order to build a new one.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#436524 - 06/02/14 08:06 PM Re: Buying and Renting Out Small Apartment Buildings [Re: Vermont]
Shilpa Offline
Member

Registered: 05/29/14
Posts: 29
Loc: Karnataka, India
Very good Idea.

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#436773 - 06/13/14 04:57 PM Re: Buying and Renting Out Small Apartment Buildings [Re: Shilpa]
buysell-browse Offline
Member

Registered: 04/18/14
Posts: 37
Loc: US
Start smaller: buy a duplex (2 attached units). You could live in one of the units, and rent out the other.
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#437497 - 07/10/14 09:49 AM Re: Buying and Renting Out Small Apartment Buildings [Re: OttawaFortLaud]
Bay Area Brian Offline
Veteran Member

Registered: 06/09/07
Posts: 613
Don't think smaller, think larger instead, more units by using a master lease and a option to buy. vacancy in a duplex means half the units are empty. vacancy in a 12 plex much easier to digest.

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#439677 - 10/03/14 03:39 AM Re: Buying and Renting Out Small Apartment Buildings [Re: OttawaFortLaud]
PotomacRealty Offline
Junior Member

Registered: 10/02/14
Posts: 6
Loc: Virginia, USA
Apply for a asset-based commercial mortgage. These loans are based solely on the value of the real estate and the projected cash flow. Not the borrower's income or credit.
They have a maximum loan to value of 65%, but they are easy to get approval.
Call me if you need help

Richard 434-325-7229

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#456092 - 12/30/16 09:04 PM Re: Buying and Renting Out Small Apartment Buildings [Re: PotomacRealty]
Jhony Offline
Member

Registered: 12/13/16
Posts: 44
Loc: Maharashtra > Other areas
Very Good Idea

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