I’m not going to lie real estate is a very risky business but, when done right you could make some real cash. Multi-family apartments are gold mines and if you're scared to be a landlord don't be. Trust me the extra cash in your pocket will help you get over it. Let’s go over an example just to show how much you can make.
This example is an actual listing in my area. A multi-family home 220,000 with studio and 2 bedroom apartments. These buildings are almost always accepted. Saying that you put 20% down on a thirty-year mortgage that would have you paying $44,000 and $853 a month. Let’s say that you set the rent for 500 for studio and 600 for two-bed room apartments. That puts you making $1,347 that’s already subtracting your monthly payment of $853.
That puts you making $16,164 a year that not subtracting property taxes or insurances but even if you took all that out you would still be making a good profit. Now, this is having just enough money to buy it at $44,000 if you would have a little more money you could be making more but, this is to show you don't have to have a million to start.
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