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The speaker explains how they purchased a 12-unit apartment complex without using any of their own money. The property was listed for $815,000, but they got it under contract for $785,000. They put 20% down ($157,000) and financed the rest through a bank and a private lender. After two years of increasing the equity by increasing the net income, they took the property to a local bank and it appraised for $990,000. The bank wrote them a check for 80% of that amount ($792,000), which replaced the old loan. They received a check for the difference ($172,000) and used it to pay back their private lender. They now have a new mortgage on the property, but their rent covers the mortgage and other expenses. The speaker has done this five times and plans to do it more in the future.
The speaker explains how they purchased a 12-unit apartment complex without using any of their own m