renting an apartment

>>17602318
First come first served viewing means that they won't save it for you. You see it, you like it, you fill out a lease or they'll rent it to the next guy.

The fees pay for a background and credit check, as well as the office staff's time in processing your shit. Yes, its possible you'll pay the money and not get the apartment, but if thats going to happen you already know why.

I own a significant amount of rental property, so if you have any other questions, shoot.

>>17602339

How much money do you have to put into rental property until returns on previously owned properties cover the costs on new properties? Not OP, but would you say that rental property is a good investment?

>>17602339
>they won't save it for you

So if I like it I gotta say on the spot that I want it. Whoever says first 'I like it, I want it' gets it.
Cool. Makes sense I guess, there is no 'let me think about it' time in between.

>>17602349
Its a good investment if you don't mind managing it and understand that you're not going to make a lot of money month to month.

As for covering costs and returns, thats not really how I did it. I owned a condo and wanted a house, so I found a portfolio lender that worked with me so I could keep both mortgages. Renting the condo for a few years built up significant equity and showed that I wasn't a retard, so I was able to get the same lender to loan me the money for a three flat. A couple years later I sold the condo and used the money for another three flat. At this point I mostly get loans using equity as collateral rather than going through a downpayment. That kind of situation requires trust and a good track record, though.

The real profit comes from the fact that property appreciates. Say you put 50k down to buy a 500k property and the rents from the units cover all of your expenses with enough left over to build a healthy cash reserve. You're making money from principle paid, sure, but the real money comes from the fact that your investment is appreciating based on a 500k value but you only had to put 50k in. Even at 3% appreciation, that 50k investment you made grew by 15k before you consider the equity from principle paid.

In terms of real money out of my pocket I've invested less than $100,000. If I never acquire another property I'll be looking at seven or eight million dollars worth of equity in fifteen years, generating who knows how much in rent.

>>17602354
No, whoever completes an application and signs a lease first gets it.

>>17602376
thanx famm.
what cool pic would you like? i ll send you something.