How to create $768,000 in value in an Apartment Building by Jay "Mr. Real Estate" Morrison
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- čas přidán 14. 04. 2015
- Jay Morrison Real Estate Partners, LLC
At Jay Morrison Real Estate Partners, we provide a Streamline Asset Management and Acquisition program to equip more Mid-to- High Profile Clienteles with the essentials required to invest in the GREATEST ASSET OF THE WORLD, REAL ESTATE!
Feel Free to visit www.jaymrrealestate.com/ for your FREE WEBINAR!!!!
Jay Morrison Academy
My Academy is for the aspiring entrepreneur, who is looking for an actual blueprint to make money in real estate. If you don’t like hard work, then the 12 months it takes to complete our courses will be a total waste of TIME and MONEY. If you work your butt off like your family’s LEGACY depends on it, then you will learn how to build wealth and achieve financial freedom through real estate. I am so happy I can finally say, “I did my job.” My team and I have created a vehicle for people like you, who are coach-able and hungry to improve themselves, to learn the cornerstone of wealth in America.
OPEN ENROLLMENT for the Jay Morrison Academy will begin on December 1, 2015 so please be sure to visit jaymorrisonacademy.com/ to sign up for the waiting list.
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In 2003 I purchased 19 townhouses in Apple Valley CA for $1.4M. I sold in 2005 for $2.5M I spent $180K in renovations which was taken from the rents, to renovate the units. It was easy. You need good timing, stellar credit, and working capital....a lot of it. Without good credit, forget about getting a loan. Also you need 25-40% for a down payment too.
+Randal Colling What is the best way to start this real estate business? i appreciate your advise.
oseme thompson Real estate isn't easy and it's not for everyone. But if you do it right you can make good money. "To start", I assume you have limited funds. I started in 1984 with a duplex. You'll need to have a down payment and stellar credit. You are best to look to your own bank for a loan. DO NOT GET HARD MONEY!!!!
Get pre-qualified, see where your budget is, then start looking. buy close to where you live. If you like the rental business, after a year or two look to buy more. One step at a time.
thanks for the advise. It looks like starting with a duplex may be the safest route from your experience.
oseme thompson There are no shortcuts. Real wealth with investments go one step at a time. Keep an open mind. Read lots of books about real estate, but stay away from the "get rich quick" nonsense. Take some construction classes at your local college. Learn the business. See if you like it...Then slowly build it up. I go to the Apartment Owners Association meetings in Los Angeles. Seems the richest investors are older, poorly dressed immigrants with thick accents....And millions of dollars. The flashy (and broke) guys are the salesmen and wealth gurus.LOL.
great advise.I appreciate the wisdom
“I’m a business owner! I don’t manage the property I manage the managers!!!” The absolute best quote I ever heard in my life. I do want to point I don’t think his math accounts for a mortgage.
Brother I can told you that this video will change my life forever, it is worth then 1 year business class in Harvard! god bless you, didn't know there is this type of information out there.
Christian, thank you for acknowledge that to the public masses... Your leadership is valuable
Jay Morrison will you ever have a seminar in NC?
This Jay guy is the TRUTH.
Get it king...see u at the top
Thanks J! Keep it up!
Perfect way to analyze a deal! I'm going to use this tactic
Thank you so much! Awesome stuff!
Thank you Mr. Morrison!
Hey jay thanks a lot learnt a lot
Thank you Jay for all your information. I've been passing around your word. To everyone I know I'm sending a few people Atlanta to be with you. Unfortunately I can't get off that week I'm off this week. But I'm sending people in my circle to you. Thanks again.
JMA
A good build. Theoretical and nicely packaged. But I believe this can be done.
Crystal clear, Jay. One day, our paths will cross!
I'm super excited! If I register early and can bring a guest I would love to partner and split the registration fee. As a single mother I know $497 can sound scary but if we partner and register early then it's a win-win for both parties! I don't want to miss this and hey, if you could go for 1/2 then we can decrease our stress levels!
Great strategy!!
Excellent video Jay!
Jay you a real one! Salute
Hey Jay, thanks for the information. When you estimate 50% of revenue for expenses, does that include the servicing of the debt, insurance, and property taxes?
Superb info thx Jay
Great info Jay
Can you please come down to Houston, Tx, Jay Morrison. There's hundreds even thousands of people that are as interested in real estate as the others in Atlanta and other cities.
Creat Price guys - y'all should take advantage~
your warrior's circle event Weimar seems very interesting building wealth with real estate!
Good stuff Jay
Please direct me to where I can get a list of all the Real Estate that You own as well as all of the Fantastic Creative Real Estate deals that you have accomplished.
@randall colling not all private money is hard money rates. I've used private money before. Your experience in California is not one size fits all for the entire country. Thank you for sharing though
+Tosin CKE Shut the hell up and quit patronizing this fool! Where is his List of the Real Estate that he owns! With the amount of Real Estate Info and Creative Real Estate Investing Seminars, anyone with 2 brain cells can take all the info, improvise and create their own BS!
you sound angry. there are therapists for that. woosah!
Hey man, is there any age restrictions when it comes to me wanting to sign up to the academy ?
. My question is were did the initial 70% occupancy number derive from and how would you evaluate a property that is already at a 85-90% occupancy
illinoisphil Most sellers dont care about the current occupancy rates and will want to sell under "pro forma rates" (real estate lingo for make believe).
Help me do this in Denver
I want to acquire my first commercial mixed use building. I live in New York but the building will be in new Jersey. I have no experience. I have brought homes but never commercial. I want to use the banks money to do the deal. I can not find your video on the subject
i need this real estate acadamy
Nice informative video, however, how does one get the approval from banks for a loan of that amount say 500k and above for an apartment building? I have watched several other videos with you detailing credit and the power of FICO scores. This makes me wonder..
Join the academy and jay talks about how to get private lenders to find your deals. You dot have to always go through a bank.
Tosin CKE "Private money" means, hard money loans and no regulations. There will be outrageous interest rates that would eat any potential income. Also many of these hard money sharks have crazy fine print in their agreements that will cause you to lose the property. Your better off real with bank loans regulated under the FDIC.
how did you figure that the expenses where 50% of the gross income. I'm a beginner and there are still some numbers i can't figure out.
ok how much money will you need to even get an anchor property because the average middle class cant afford the price tag
Damn he's fine!! Oh and smart too!
How do a person get in touch with you?
I asked him if he had a linkedin account and he said yes . just look up his name on the site Jay Morrison and get connected lol
Could I do this as a real estate agent? Or is it better to not be licensed?
T Stanton Some of the wealthiest investors are not realtors
oseme thompson yeah I just got my license but I'm not working for a broker yet. I'm thinking of investing more than working for somebody.
its a good idea
T Stanton I know that you have to let your prospective buyer/seller know that you are a real estate agent. If a person would rather deal with private investor having a license could be a deals breaker but for the most part I think license is an advantage! Good Job!
oseme thompson Jay himself is a licensed realtor though
and I comprehend none of this.ugh.I need a glossary book maybe.
wowwwwwww
Desean Jackson*
how much is your course
Visit www.joinjma.com for details on my courses
👍🏽👍🏽👍🏽👍🏽👍🏽
He is missing something. How do you get in the position to even buy a 80k single family home. Much less a three quarters of a million dollar apartment complex.
This guy gets it. . .THE BIGGER PICTURE is what I call it. It takes time. . .i.e. decades.
Something is not correct in this calculation. There is no way 32 units will be $696,000.. Something is missing
John Myer Actually the numbers are correct! But the issue you're having is can you attach those numbers and scenarios to an actual property. When ever these "experts" or "scholars" talk numbers it's all based on speculation. Everything else Jay is saying is on point. When you go looking for these properties they nearly never exist.
What Jay isn't also saying in his scenario is that if an absentee landlord has neglected the building then there is a high probability that the property is in poor condition which makes it a candidate for repairs or renovation.
I'm not trying to debunk Jay's schooling but there are some very key points that are being left out and if you have to sign up for a 90min webinar to get those key points then this is just the "bait" video.
zitmo1 excatly that seller has to be highly motivated
Why would a "motivated seller" settle for 15% of the value? Why not put it on the open market where investors from all over the country would gladly give 85% of the value in a heart beat?
❤❤❤❤😇😇😇😇
skip to 3:50
Jay 10% capitalization rates dont exist. In southern California these days, apartment cap rates are 3-4%. These prices are so high, the property cant even service the debt. Why would an owner sell an apartment building at 2X GRM ?? If they put it on the open market they can get many times that figure. Orange County CA apartments fetch 18X GRM. Your example above would be on the market for $6.2MM
CA is in a bubble
Todd Capital, LLC he’s now based out of Atlanta. In the south property values are significantly lower. Cali is ridiculous. In San Fran some 1 bedroom condos, a place under 1100 sq ft, are going for over 900k...completely stupid and unreasonable
Any advice of your credit is bad..
You lost me on how the NOI increased by $76,8XX simply by raising rent on 32 Units by $50/ea.
Student loans.......
??
no,.
no,.