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Anthony Chara is a seasoned Real Estate investor who has successful investing and property management experience dating back to 1993. Lance Hood, co-founder of Success Insiders, recently interviewed Mr. Chara and learned a lot about investing in apartment buildings.
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Anthony Chara is a seasoned Real Estate investor who has successful investing and property management experience dating back to 1993. Lance Hood, co-founder of Success Insiders, recently interviewed Mr. Chara and learned a lot about investing in apartment buildings.
Apartment buildings versus single family homes; which one is better for building wealth? For starters someone can earn from $1,000 to $5,000 a month in positive cash flow with apartment buildings; with a single family home the monthly positive cash flow is only $100 to $150.
Many people don’t buy or take an interest in purchasing apartment buildings because of their lack of knowledge and experience. In many cases it is easier to buy apartment buildings than single family homes. Usually people limit themselves with their own limited thought process by saying “they can’t do it,” instead of changing their mindset and saying, “the difference between me and someone else is someone else is taking action and not letting that fear or lack of knowledge get in their way.”
The first thing a lender will do is look at the building. During this investigation period the lender will discover if the building can support expenses including the mortgage, taxes, insurance, management, maintenance, utilities and repairs. The lender needs to be sure there will be money left over which is considered a cushion to go into the owner’s pocket. The more the cushion that’s left over each month, the less stringent the lender will review the credit worthiness and reserves of the perspective buyer. Certain criteria must be met for lender to approve the loan.
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