Making Multifamily Money - Nov 2nd 2024

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Real Estate Updates

I have now owned 52 stabilized units for 1 year now. I sold my mobile home park in Selma, AL 1 year ago for a loss. Time flies…

After focusing so much on building up passive income, now I am pivoting to “lowering expenses.” What is my current biggest expense? My primary residence. 800k loan @ 6.5% interest combined with HOA, property tax, utilities is $7400/month. Once interest rates drop, I will likely sell a single family home with high equity (break even in terms of cash flow) to pay off my primary residence. That would wipe out my $5,400/month mortgage, but still left with $2000/month for insurance, property tax, utilities, and HOA which is typical rent for a 1-bed room in CA.

I am the typical asset rich, cash poor so if I want to buy more real estate, I need to 1031 or do creative financing or wait until interest rates lower. I am leaning towards creative financing.

Currently, underwriting an 18 unit deal near my 20 unit apartment in OK. Brought to me by my property manager who manages both apartments. PMs are a great source of off market deals. The owner owns it free and clear, there is upside in rent if I renovate the units (copy and paste renovations from my 20 unit), the location is better than my 20 unit meaning higher rents, and the owner is fixated on a “price” so I am trying hard to pitch seller financing.

I will keep you all posted on this deal

Video of the Week

Do you want to pay off student loans faster?

Tackling Student Loans - 8 step system I used to pay off $250,000 of crippling student loans in 4 years. This same system helped me save up for my first single family home which snowballed into 90 units of real estate.

http://steven-nguyen-s-school1.teachable.com/p/tacklingstudentloans

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