I have to admit I was scared.
I took a deep breath as I signed the check request for $75,000. If we didn’t get the $3,075,000 we needed to purchase this 77-unit building plus the $500,000 to renovate it, we would lose the $75,000 earnest money.
We had never bought an apartment building before. Up to this date, the largest thing we’d ever managed was a duplex. I looked at my husband. He seemed a little pale. I’m sure I did too. I took his hand in mine. “Let’s do this,” I said.
A week later we put in an offer for another building – 51 units, selling for $1,800,000.
Three months later, we sat toasting at an elegant restaurant in Albuquerque on the day we closed escrow and became the owners. That week we bought two buildings in Albuquerque – 128 units total. We raised over $2.2 million dollars from private investors and got bank loans totaling...
Find out about all the helpful articles, resources, and events we have for you at Real Estate Investor Goddesses! Join our list!