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How can I buy an Apartment Complex. I just turned 20yrs old and I just started to build up my credit. I want buy an Apartment Complex. I’ve talked to me banker and he told me I need credit and a co-signer. is there anyone that can help me out. I’ve been doing some research and I’ve seen ” Buy Apartment Complex with no money down” but it sounds to good to be true. Is there anyone that can answer my question that can give me some guides

1 Thought on How to buy an Apartment Complex?
  1. Reply
    February 10, 2014 at 1:05 pm

    Buying an apartment complex is like buying any other single family house. You would be limited to purchasing a 4 unit complex and you must reside there to use it as your primary home. You may rent the other 3 units to potential tenants.

    Conventional and government lenders consider 1-4 units as a single family unit and you would be able to get a lower interest rate.

    You might would want to apply for and obtain a FHA mortgage for your 4 unit purchase, as the approval requirements are not as stringent as those of a conventional lender.

    Under certain FHA mortgage programs the down payment could be as low as 3.5%. You might obtain this down payment as a gift from family members, charity group or in some instances a church.

    In making your offer to a seller, you might request of them to pay most of your closing cost, though most lenders to include FHA might require you pay some closing cost that could be 3% of the purchase price.

    You might believe in the pie in the sky of no down payment mortgage loans. There might be those that are available for no money down. It would take perfect situation for this to happen. One out of 10 individuals would be willing to turn over their apartments to anyone without a down payment, even if they carried the mortgage themselves.

    There are many things you should do, the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

    He will inform you of what is necessary once you contact him.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    If you fail to purchase a house prior to the pre-approval letter expire you may reapply and be reissued another.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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