Congratulations on buying your first apartment building at just 26 years old! Your goal of owning investment property since getting your real estate license has finally become a reality. In this video, Aram Ghazaryan takes you through his journey of purchasing a multi-family rental property and shares his experience and lessons learned along the way. He emphasizes the importance of transparency in the real estate industry and aims to provide valuable insights to new real estate agents. Follow along as Aram showcases the building, explains his plans, and highlights the excitement and nervousness that comes with being a landlord.

It’s an exciting day as you officially become the owner of a seven-unit apartment building. Aram Ghazaryan takes you through the closing process in this video and shares his thoughts and feelings about his new acquisition. With a clear plan in mind and the support of an experienced attorney, Aram navigates the necessary documents and finalizes the purchase. Throughout the video, Aram expresses his gratitude for the support he has received throughout his real estate journey and his commitment to sharing his experiences to help others in the industry. Don’t miss the opportunity to witness Aram’s excitement, nervousness, and gratitude as he embarks on his new role as a landlord.

Buying My First Apartment Building at 26

Background

You’ve always had a keen interest in real estate investing, fueled by your upbringing in a family that owned rental properties. Growing up, you witnessed firsthand the benefits of passive income generated through investments, which inspired you to tread the same path. Armed with determination and a solid financial foundation, you embarked on a journey to purchase your first apartment building at the young age of 26.

Goal of Owning Investment Property

Your goal of owning an investment property was multifaceted. Firstly, you aimed to generate passive income that would provide financial stability and flexibility in the future. Additionally, you intended to build a diverse portfolio, allowing you to diversify your investment risks and increase your potential for long-term wealth accumulation. Lastly, being self-employed, you recognized the significant tax advantages and deductions that come with real estate ownership, creating an opportunity to optimize your financial situation.

Purchasing an Apartment Building

Finding the right apartment building was no small task. You thoroughly researched different neighborhoods, property types, and analyzed future growth potential. After months of searching, you finally stumbled upon an ideal property that ticked all the boxes – a medium-sized apartment building housing twelve units with the potential for high occupancy rates and desirable rent rates.

Acknowledging Support from Followers

Throughout the process, you felt grateful for the support from your social media followers. Sharing your journey on platforms like YouTube and Instagram allowed you to connect with like-minded individuals and aspiring investors. The encouragement and advice you received from your followers helped fuel your motivation and provided valuable insights into the world of real estate investing. Their unwavering support bolstered your confidence as you ventured into this new chapter of your life.

Ownership Celebration

On the day you closed the deal and officially became the owner of your first apartment building, you couldn’t contain your excitement. You gathered with friends and family to celebrate this significant milestone, toasting to your success and the beginning of an exciting new chapter. Their genuine happiness for you further reinforced the importance of community and support in any journey towards success.

Closing Day Experience

Closing day was filled with a whirlwind of emotions. Sitting across the table from the seller and their attorney, you carefully reviewed and signed countless documents. Your attorney guided you through the process, ensuring every step was in line with your best interests. While there were moments of nervousness and doubt, the experience was surreal, marking a turning point in your life as you transitioned from aspiring investor to a full-fledged property owner.

Working with the Attorney

The relationship with your attorney played a critical role in making the purchase a success. They exhibited expertise in real estate law, negotiating contractual terms, and safeguarding your interests. Their guidance throughout the process was invaluable, providing you with peace of mind as you navigated the complexities of property ownership.

Confirmation of Purchase

After all the paperwork was signed and the closing was complete, you eagerly awaited the confirmation of your purchase. The moment you received the email with the subject line, “Congratulations on Your New Property Ownership!” was both gratifying and slightly nerve-wracking. It solidified the reality of your accomplishment, but also marked the beginning of a new set of responsibilities and challenges.

Plans for Cash Flow

With ownership in hand, you began strategizing ways to maximize your cash flow. You carefully drafted a budget, accounting for monthly expenses such as property management, utilities, maintenance, and vacancies. By diligently monitoring and controlling these expenses, you aimed to generate a healthy profit margin. Moreover, you explored opportunities to optimize rent rates, ensuring they aligned with market demands and property features.

Obtaining Ownership Letters

To streamline the transition and notify existing tenants of the change in ownership, you sent out personalized ownership letters. These letters introduced yourself as the new owner, expressed your commitment to maintaining a safe and pleasant living environment, and addressed any concerns or questions tenants might have. This open communication aimed to establish a positive and trusting relationship right from the start.

BUYING MY FIRST APARTMENT BUILDING AT 26

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Apartment Building Details

Size and Type

The apartment building you purchased was a medium-sized property consisting of twelve units. Its layout comprised a combination of one and two-bedroom apartments, providing an ideal mix to cater to different demographics. This diversity in unit types allowed you to attract a broader range of prospective tenants, ensuring a consistent occupancy rate.

Purchase Price and Down Payment

After thorough negotiations, you settled on a purchase price that aligned with your budget and the property’s market value. The down payment, a significant financial commitment, was made possible through the diligent saving and investment efforts you undertook in the years leading up to this opportunity. This investment in your future was a testament to your commitment and dedication to achieving your goals.

Interest Rate

Attentive to market conditions, you secured a favorable mortgage interest rate for the purchase of your apartment building. The interest rate played a crucial role in determining your monthly mortgage payments, impacting your cash flow and overall profitability. By capitalizing on the favorable interest rate environment, you ensured that your investment started on the right footing.

Occupancy Status

Upon acquisition, the apartment building boasted a healthy occupancy rate. The majority of units were already rented, providing immediate cash flow and minimizing the impact of vacancies. However, some leases were set to expire shortly, creating an opportunity for you to assess the current rental rates and implement adjustments aligned with market trends and property improvements.

Rent Rates

Analyzing the existing rental rates, you recognized the potential for increased profitability through strategic adjustments. By thoroughly researching the local rental market, considering factors such as demand, comparable properties, and neighborhood improvements, you were able to identify areas where rent rates could be increased without jeopardizing tenant retention. Nevertheless, you prioritized maintaining fair and competitive rates to foster a positive tenant experience.

BUYING MY FIRST APARTMENT BUILDING AT 26

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Renovations and Rent Increases

Renovation Plans

To enhance the overall appeal and value of the apartment building, you devised comprehensive renovation plans. While necessary improvements such as updating appliances, enhancing common areas, and maintaining the building’s structural integrity were at the top of your list, you also aimed for more transformative upgrades. These included modernizing the units with fresh paint, new flooring, and upgraded fixtures, creating a more attractive living environment for current and prospective tenants.

Increasing Rent Rates

With renovations complete, you approached the task of adjusting rent rates cautiously and strategically. You carefully analyzed the local market and sought guidance from real estate professionals to determine the optimal rental rates for your newly upgraded units. Recognizing the importance of maintaining competitive rates, you aimed for modest increases that aligned with the improved amenities and overall value of the property. Balancing profitability and tenant satisfaction was key to fostering long-term success.

Expectations and Challenges

As you prepared to implement rent increases, you acknowledged that challenges might arise. Some tenants may be resistant to higher rates, potentially leading to vacancies or a decline in tenant satisfaction. However, you remained confident in the value proposition your property presented, understanding that quality renovations and responsive property management would contribute to attracting and retaining high-quality tenants. Constantly monitoring and balancing the delicate equilibrium between profitability and tenant loyalty became a top priority.

BUYING MY FIRST APARTMENT BUILDING AT 26

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Feelings and Sentiments

Excitement

The overwhelming excitement of owning your first apartment building filled you with a sense of accomplishment and anticipation. The ability to generate passive income while providing quality housing to tenants was a dream come true. Walking through the hallways and witnessing the positive changes you implemented evoked a deep sense of pride and excitement for the future.

Responsibility as Landlord

The reality of your new role as a landlord brought forth a mix of pride and responsibility. Understanding the importance of maintaining the property and ensuring tenant satisfaction, you committed to addressing issues promptly, listening to their concerns, and fostering a sense of community within the building. The welfare of your tenants became a top priority, and your determination to be a responsible and understanding landlord propelled you forward.

Nervousness about Operations

Despite your confidence and preparedness, you couldn’t help but feel a touch of nervousness about the day-to-day operations of the apartment building. Managing rental payments, responding to maintenance requests, and overseeing property management were new territories that required careful navigation. However, you embraced the challenge, knowing that with time and experience, you would grow into this role and become a proficient manager.

Gratitude for the Achievement

Above all, you felt an overwhelming sense of gratitude for the opportunity to purchase your first apartment building at such a young age. The support and encouragement you received from family, friends, and your online community propelled you forward when doubts crept in. Every step of the way, you felt fortunate to be surrounded by individuals who believed in your vision and shared in your success.

BUYING MY FIRST APARTMENT BUILDING AT 26

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Conclusion

Special Significance of First Building

As you reflect on your journey, you recognize the special significance of your first apartment building. It symbolizes the realization of a long-held dream, a testament to your determination, and a stepping stone towards future achievements. Its impact extends far beyond the financial realm, representing personal growth, resilience, and the boundless opportunities that lie ahead.

Future Plans and Portfolio Expansion

With the successful purchase and management of your first property, you look to the future with excitement and ambition. Growing your portfolio is now a priority, and you actively seek opportunities to diversify and expand your real estate investments. Pursuing larger apartment buildings, commercial properties, or venturing into other real estate sectors hold immense appeal. Your journey has only just begun, and you eagerly anticipate the challenges and successes that await.

Appreciation for Support from Viewers

Lastly, your gratitude for the continued support from your viewers and social media followers remains unwavering. Their engagement, encouragement, and shared experiences create a sense of community that enables you to learn, grow, and inspire others. The relationships forged along this journey are cherished, serving as a reminder of the power of connection and the importance of surrounding oneself with like-minded individuals.

In conclusion, buying your first apartment building at 26 was a pivotal moment in your life. It marked the beginning of a fulfilling career in real estate investing, unleashing a world of possibilities and financial prosperity. With dedication, sound decision-making, and ongoing learning, you are poised to build a thriving portfolio and achieve your long-term goals. The journey may be challenging, but armed with enthusiasm, responsibility, and a supportive community, you are primed to make a lasting impact in the world of real estate.

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