Warning, somewhat hard to repeat as this was easier when rates were low!
I purchased a $1M 4 unit home in Chicago in 2014, with only $15,000 in costs
thru a series of Cashout Refinances as well as cash flow from the asset, have now acquired nearly $5M in Real Estate with over $1M in equity, and have only used the money from original investment and subsequent properties, I have not had to add more capital into my properties 10 years later just using cash flow and refis
Not going to claim “everyone can do this” and got somewhat lucky, but think everyone needs to know that with some hustle, research and a commitment to learning you can do this!
10 years later our mortgage is the same amount per month, $4K (+$2K insurance repairs and taxes)!but rents went from $7K up to $10K per month. So we continue to make our initial investment back x 2 every single year
Hope this is helpful and motivates some folks, to get it!!
Utilizing VA Loan to build wealth, buy multi family, AMA
byu/CombGlum2225 inMilitaryFinance
Posted by CombGlum2225
4 Comments
Nice work! How is your mortgage payment only $4k on $5m in real estate? Assume you’ve seen some appreciation, but $1m loan at 3.5%, 30 yr is right about $4k
If people are interested I could breakdown every asset purchased, how much, when, Revs and Pmts to show it it kindof built it
I’ve heard that the historical avg of the stock market is 10%. Now i know that’s not indicative of future returns but would you rather of invested into the stock market if you actually had that equity you have now when you first bought the property? and is the time you put toward it worth it for you?
What B school, if you don’t mind?