I Bought Another Apartment Complex (Step-By-Step Process)
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- čas přidán 1. 02. 2022
- In this video, Chandler David Smith shares the entire process of buying an 8 unit apartment building. Many people get intimidated by all the steps required in order to invest in real estate. The first step to being ready to buy a duplex is to get pre-approved. In order to get pre-approved for the right amount, you need assets and a high credit score. He also breaks down all the mistakes that some people may make when they are starting out investing in real estate. He also talks about his requirements for making a deal work, and how to get sellers to get you under contract and get the lowest price possible. While price is important, you do not want attempting to make a great deal better get in the way of buying an apartment that will make you a lot of money in the long run.
What you need to do is set your criteria, and take all these steps to maximize your chances of getting the deal. Once you have your minimum criteria, it is okay to push for more, but don't push too hard where you no longer get the deal. Investing in real estate is a long term play, but that does not mean you should not make money short term.
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I have the course. It's def worth the money
Thanks so much man! Glad you like it!
@@ChandlerDavidSmith Can you add a section about debt to income for commercial properties in the course?
@@GreggoryThorpe that’s good idea man.
@@ChandlerDavidSmith about to go through the course a second time before I start looking for my first rental. Bought the course when it first came out.
How much is the course ?
I'm going to need to hire an assistant to keep track of all the Super Cars and Multi-Family investments you keep buying! You're on fire! 🔥
Love watching this channel. I’m a solar door knocker at the moment. 17 years of age, started 3 weeks ago and closed 5 deals. I’m turning 18 this month, this channel inspired me to go into the renter business. I watched your video on building credit next is pre approvals and rents let’s see how it goes…
How would an 18 year old even get a pre approval?
@@areyougoodbro2187
Very carefully ,
with a down payment and a great credit score , etc. and etc.
U still doing it how much u make
Car sales helped me more than anything in the world. When you knock try to ask the people that say no to solar if they’re planning on selling soon
Hi Chandler 👋
I have been watching your videos since the beginning of your CZcams channel! This is actually my first time commenting 😅 but I wanted to say thank you! I genuinely appreciate your content and you as a human. It is evident that you are an amazing person. I know that you have been going through so much lately with negative comments, the stress of building your home, and your wife's health. You are on the right path and have transformed so many lives around you. I am sending warm prayers and positive energy your way 🙏.
Be well,
Zephyrus
Thank you so much! This really means a lot to me!
Wow! Chandler thank you for this video. It was very well done and organized. I appreciate your transparency!
Another great video Chandler, can’t wait for your channel to blow up! Get some more walkthrough B-roll footage in these types of videos for us visual learners.
Love your energy. It's contagious
Outstanding content Chandler...Well done!!! Prayers for your wife sir...Blessings!
Wow wow wow, very descriptive and informative! Great videos, cheers !
Bro, this is such a great video. HUGE THANK YOU !! GOD BLESS
Some of the very best advise Thank you
Nice! Good work Chandler! Getting a couple mobile home parks going….been a huge pain in the ass! But hopefully my equity play will work out
Love your vids man
Cool man thank you for sharing your experience and your achievement so far
I bought my last property in April, it was not affordable, however it is a perfect investment, I spent 700k and it's worth it, now I'm moving profits from stock investment to my real estate portfolio.
That's the goal, keep going!
How did you make good profit from stock? I’m beginner in the world of stock
@@christianaroland1538 I work with an expert who assists me, Monroe Horcel look him up
@@annmiller7097 Thank you, i can see his profile here on web, very impressive, he smashed all his state exams
monroe horcel trades my stock entirely from america
Chandler David Smith, great business you have.
Awesome information. I'm a real estate agent and I'm learning a lot of stuff from you. I hope to be successful like you someday.
Congrats! Another awesome video!
Ive purchased your course and its been very insightful.
How do you negotiate when its listed “for sale as is?” Can you still negotiate damages?
Best CZcams channel
Hey Chandler!! Love this video and all your content. You are seriously one of my favorite real estate investors that I now look up too. Thank you for the knowledge 🙏🏼
Also, in the video you said you could click this link to see how you ran the numbers. What link were you referring too? I didn’t pop up in the video.
Your videos are so helpful. Thank you young man. 🙏🏽
Chandler, do you edit your own videos? Love this style and I'm trying to bring it to my own but not very software handy just yet. When starting youtube do you recommend hiring editing out or start doing it on your own at first?
great video
Poor people think about what they can buy with their money, Rich people think about what they can invest in with their money 💰💰💰;
The rich stay rich by investing and investing without stopping then the poor stay poor by spending like the Rich but yet not investing like the rich
Recently,I invested in both stock and Crypto but currently I believe crypto is doing more better !!
@@Edward-st8qm The best thing to do in this period is to invest in silver and crypto
The rich become richer by spending like the poor and investing One stop, While the poor stay poor by spending like the rich yet not making any investment for
@@chrisgarrick6243 Most intelligent word I've heard
You are my role model from Kenya 🇰🇪 🎉🎉🎉
You have a all resources in the world .. seems like you’re celebrating 🥳
Hi Chandler! I understand that if the numbers work then the numbers work, but do you ever ask about seller finance/sub-to from the seller?
Thank you so much. Two quick questions. 1- How much the wholesaler charge you? 2-How much did you put as a down payment?
How do you handle setting up the unit inspections? Do you set up the times with the tenants (phone or email?) or you need to go through the current property owner?
What’s your thoughts on str? We’ve been looking at a few beach condos
Hey Chandler, can you talk a little more about the relationship with the wholesaler ? did he already have it under contract and assignment you the deal or did you give me a marketing fee on the back end. How does this relationship work with wholesaler ?
Hey chandler. Do you only buy in your own market?? If not how far out from it do you go??
How can I get added to your list? I often come across multi family properties in the St. Louis area as well as the out skirts of Atlanta.
when you get pre-approved are you talking about regular banks such as chase, BoA, etc? or are there specific types of banks investors go to?
Activasion..sucess.HOME.SMART.
What are your thoughts on using rental management companies? We are seasonal between two states, so we would need to find a partner who could manage while we’re gone or use a management company.
How do you determine how much you can rent a unit for?
So in these off market deals you keep saying “under contract” are you doing these contracts yourself, are you using a real estate agent or who is doing all the paper work side of things on these off market deals?
These properties are you putting these under a llc?
Nice…
What’s your bank? How you can do as self employed?
Great video... but most agents/sellers won't accept offers from those that haven't even been to the property.
Too many bail or ask for more money off after tying the property up for two weeks. Plus, people that see you went back on the market see that as a red flag.
Thank you for this realistic perspective
Im in school to get a masters degree once i do im gonna use the extra funds from it to buy some units to rent ouf
Do you have to waite til your fha purchased property turns into conventional before you can purchase another fha
Hi Chandler, when purchasing single family housing and/or multi family or apartments, do you put any earnest money down when going into contract? If so, how do you determine the amount to do so? If not, why? Thank you so much for all the knowledge and wisdom you share!
Usually one percent of purchase price, but as usual you can negotiate that and put in lower, wherever you feel comfortable at. If you are 100 percent sure you will buy the property do the 1 percent. If not put a lowe amount and inspection clauses and finncing clauses so you can back out and get your money back.
Unless you're already wealthy the pre approval does nothing. Most people need partners or syndication to buy apartments and when syndicating you can't get a pre approval because you obviously don't have the money.
How do you feel about investing in manufactured homes?
I was going to learn how to make deals, so who is this guy in #1???? 😂😂😂
Guaranteed this guy got a adjustable rate mortgage.
Hi how I send you deals
Always repaint when tenants leave. Costs $600 well worth it
Are you looking for 12% NOI or gross rent?
So if I purchase the course now I would also get the revamped version?
You don’t need to buy courses
How much was his assignment fee?
Hey Chandler. I’m seeing about getting your course. You mentioned your improving your course. What can we expect???
Are you going to add more videos on adding value?
You don’t need to buy courses. Free info on YT
basically u need a loan for the deal find a good deal purchase it manage the property reinvest the money u earn and repeat
Is that 15-day inspection period 15 calendar days or 15 business days?
Just be positive man. Don’t quit.
Chandler, when you say “my criteria is 12% cash flow” do you mean cap rate or cash on cash return? Or?
Cash on cash return
650 to 800 or 900 yeah that would sting I wish could see how this plays out
Do we need 66 million views on this video too for compensating the dream home build over budget?
Wouldn’t hurt haha
For those of us who got the course in the beginning, are we going to have access to the new parts?
Yes, all of it!
bro why would u buy a course
@@MikeJones-yr9fy to learn?
@@ashog1426 its all free online dont waste ur money on these scammers
@@MikeJones-yr9fy kinda negative brah. Doesn't seem like a scam to me if you want to get into the field..
Hi Chandler. I am pleading for your help. I currently own two apartment buildings. One of the eight flats we owe 470k on it and it is worth about 800k. How can I get a second mortgage on it so I don't lose my 3.93% interest rate?
I feel like u glossed over the most important part of how to get preapproved when your just starting.
Does anyone know of any financial institutions that will finance a commercial loan with less than 25% down?
do I personally have to qualify for the loan on my income ? looking at 6 units
This is a better question for your lender. So many factors at play
This is a good video! I'm in the process of doing the EXACT same things. Every investor, especially new investors, should watch this. I had something come up today that might be beneficial for new-ish investors to be aware of. The current yearly tax bill is roughly $6500…However, that was from when the building last sold and was last assessed in 1997 and it sold for $680K...now it will have a purchase price of around $3M and a yearly tax bill of $27K!!!! So roughly 3 units worth of income would be allotted towards monthly taxes as they currently sit. NOT GOOD! Someone might just pull the current tax bill during the due diligence and think that's what it'd be going forward. Wrong. Glad I caught it now!! I'll use it as leverage in a price reduction negotiation.
Anyways, good video...real life investor info! I'll watch all the videos now!
Hello. How do you feel about investing in manufactured homes?
@@damis2372 Not a huge fan. I’m focusing on apartments currently. You could do manufactured housing and make the cash flow work, but it’s not my game. I pretty much BRRRR my investments and w MH it’s tougher to do that.
Nice catch! I wouldn't have thought about that
Depends on state. In Texas, properties are assessed every year so this wouldn’t be a surprise.
Why would anyone put up with 8 tenants and manage an 8 unit property for 12%? At full rent based on $900/month that's monthly cash flow of only $864. Why would anyone want to do that? One repair and you lost money that month. Long long roads are the kind people die on.
You are absolutely 💯 right
8 units for $800k is crazy.
Seller watching this video after giving you 50k thinking they saved 40k from the 90k : 👁👄👁
Are you a pastor or something? You give me that vibe lol. Good video
Chandler. Why don’t u become a builder make more money?
How do you fund your down payment? Most of us don’t have $200k to buy an 8plex
Door to door sales. That’s what I do as well.
Lol...he's a millionaire!
Cash out refi. Or Heloc.
The snowball effect.
Pre approved to who and where? Banks? The Loan guy? Who?
Start saving for retirement early, so your money has more time to grow.
watched the vid for the numbers and did not get the numbers smh
Your course is too expensive for me. 😢
Is it just me or is Chandler using his sexy voice at the end?
Hi Chandler 👋
I have been watching your videos since the beginning of your CZcams channel! This is actually my first time commenting 😅 but I wanted to say thank you! I genuinely appreciate your content and you as a human. It is evident that you are an amazing person. I know that you have been going through so much lately with negative comments, the stress of building your home, and your wife's health. You are on the right path and have transformed so many lives around you. I am sending warm prayers and positive energy your way 🙏.
Be well,
Zephyrus
Whoopsie Daisy's!
Sorry I posted in reply to you by mistake! Clearly I haven't commented in a while! 😅
But I totally thought the same thing lmao!
"They already know that Chandler gets Chandler rates" man that was so cringey
Hey, We loved your content. Would you like to collaborate with us on a recently launched project. Hope to hear from you soon!!
Would you teach me how to make a great living, for 10% off the top of all my profits?
Look and sound slow
Wow... that place is not worth 900 or 800 good luck with that
How is it not lol
Mrs. Clarissa is the right person to start trading cryptocurrency with.. she knows her way around the crypto world.. she has been helping me increase my investment every day for over months... She is a genius, have made close to 1btc through her
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She helped me recover what I lost trying to trade my self
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Mrs Clarissa is obviously the best, I invested $3,000 and she made profit of $30,000 for me just in 7days
Who's this professional everyone is talking about I always see her post on top comment on every CZcams video I watched
I think I'm interested how can I get in touch with Mrs Clarissa
This is click bait. All your videos are about how you place offers, yards yadda, things that a 12 yo would know. You taught nobody anything about how to purchase properties. Be careful, you can find yourself in bankruptcy very fast on these properties. The maintenance on apartments are insane. Good luck, but I am over your click bait tactics. You are talking about things that anyone with a brain cell would understand. I think you give yourself too much credit. You are heavily leveraged, and mountains of debt. That is what people don’t understand about you.
He puts down a min of 20%, right...not too bad.
Save this negativity, this guy is going through a lot right now that any normal functioning human can relate to. 😕
Honestly you read my mind I was thinking the same thing. After watching his videos for a few months he really ain’t teaching nobody nothing. I wish these CZcamsrs would tell the truth about how much debt they in.
All debt isn’t bad debt..
Commercial debt can be called at end of year. Living off utube $ lol.
How much is the course?
Start saving for retirement early, so your money has more time to grow.