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Friday, December 2, 2022

Man who owns 167 rental properties, once had no money teaches financial freedom

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A man who once had no money now owns 167 properties for rent. Sam Primm also helps others achieve financial freedom through real estate investment.

You can understand when someone has a huge real estate portfolio due to a large amount of capital or certain advantages.

However, this is not the case with Sam Primm who borrowed money from a buddy to purchase his first piece of real estate, when he was 26 years old. After 7 years, he has 85 houses and 82 apartments for rent in order to earn cash.

Primm stated that he did not build this massive portfolio with his own money. Instead, he borrowed money from others, purchased real estate, and used the proceeds to pay off the loan.

Currently, he also assists others in achieving financial freedom through his free platform, Faster Freedom. He has over 1 million followers across YouTube, Instagram, and TikTok, where he discusses his adventures.

Primm believes that anyone can do what he has. He worked as a sales manager for a construction equipment company before moving to real estate investment.

Primm offers the following advice:

Take a loan to purchase property

Primm’s first purchase was a small family home. He borrowed money from a friend with the intention of repaying it after remodelling the house and selling it for a profit. He specifically borrowed $100,000 at an interest rate of 8% for a 12-month period.

Primm frequently uses two sorts of lenders to purchase real estate: acquaintances (relatives, friends, etc.) and professional loan businesses.

Select the best property

Negotiating a “cheap” contract is also vital because the profit earned will be worth more than what you pay. Furthermore, lenders sense the potential and are more confident in your financing. Primm’s secret is to hunt for property that has been foreclosed on by banks and resold for less than market value, particularly residences that have not been occupied immediately. He usually analyses how much the house is worth after completion and purchases it (through auction) for 50% – 75% of that sum.

When looking to acquire real estate, Primm is always among the top three notes. First, he sought for a location in which he could own a long-term rental property.

Primm stated that he sees rental property as a long-term asset that he will hold for the next 25 years. Primm claims that he wants to purchase properties that are safe for his tenants.

Second, Primm seeks out homes that require extensive restoration because they frequently sell for modest prices. Finally, he wants to ensure that the rental property is lucrative for him after deducting all monthly expenses such as the mortgage and insurance.

However, Sam Primm warns that there are risks connected with underestimating the amount of time and money required to put into refurbishing a residential property.

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