저자: Kevin · 외국인
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멀티패밀리(다세대 임대) 부동산 투자의 수익 계산법(캡레이트, 현금수익률, 레버리지 효과)을 예시로 설명. 임대료 인상, 캐시아웃 리파이낸스, 1031 교환을 통한 가치 증대 전략을 소개하고, 매물 발굴 경로와 자금 조달 방법을 안내. 영상 말미에 투자 관심자 리스트 및 자사 교육 프로그램 홍보 포함. 증권 종목·지수에 대한 가격 방향 예측 발언은 없음.
다듬은 글
so if you've been watching people like Grant Cardone or Ben mala you're probably interested in multifamily real estate and buy multifamily I don't mean me and my son drawing in the room at the same time Jack loves drawing I mean buying multifamily apartment buildings where you control let's say ten different units within one building and ten different families are renting each of those units and you are milking the cash flow to get rich and retire early well today I'm going to break down step by step exactly how to buy multi-family real estate how to find multi-family real estate and how to get the money to actually make these deals happen so without further ado let's get right into it so the best way to start when it comes to understanding multi-family real estate is by getting a little bit of the lingo and understanding how the numbers work when it comes to multi-family multi-family is almost exclusively numbers based so here's the scoop when Ben mala tells you hey you know what you should look for a seven cap no not a four-year-old you should look for a seven cap what does that mean well seven cap basically means you're bringing seven percent of the actual value of the building to the bottom line so here's an example let's say you can buy a 10 unit apartment building for $1,000,000 this means you're spending $100,000 for every single apartment within this 10 unit apartment building 10 times $100,000 is a 1 million dollar apartment building let's now say the market rent for each of these units is $900 if we multiply that out by 12 we'll get an annual figure of a hundred and eight thousand dollars of gross rental income but the building's going to have expenses pressure washing cleaning maybe it has a pool what about painting and so there's an acronym we could use to understand the typical expenses that go into multifamily real estate I like to call it Timur and that stands for taxes insurance maintenance management utilities and Bruce nerves those are your core expenses when it comes to multi-family real estate we can typically estimate these expenses using an expense ratio of between thirty to forty five percent most commonly banks will use a thirty five percent as an expense ratio so that's what we'll go with in this example so simply put if we have a hundred and eight thousand dollars of annual income that's being generated by these ten apartment units that are each renting for nine hundred dollars and you take off thirty five percent for expenses you're left with a net or a bottom-line income of about seventy thousand two hundred dollars that is your net operating income also known as your noi now since we paid a million dollars for this deal we can do a quick calculation and figure out what the cap rate is on this example I just came up with so since we have seventy thousand two hundred dollars at the bottom line we can take that divide it by the purchase price and we get our cap rate the cap rate in this case is seven point zero two percent so this way if you went to any real estate investor and said I'm buying a million dollar building with a cap rate of 7.0 two percent they can say oh sweet you're bringing seventy thousand two hundred dollars of income to the bottom line like that which by the way if you are going to be in Vegas later this month consider stopping by my one-day in-person real estate investing crash course don't worry there's nothing for sale at that day it's just me literally for a day telling you as much as possible about real estate single-family multifamily everything doesn't matter how much experience you have you're pretty much guaranteed to learn something hope to see you there oh and if you want to come with somebody make sure to shoot me an email at Kevin at meet Kevin calm and I'll get you a discount for coming with more than one person so Ben Walla seven caps are cool but does that mean we only make seven percent I mean don't we want to do better than seven percent and the answer to that is yeah oftentimes we do and with real estate we can see there's another thing called the cash on cash return and we're gonna calculate that using leverage see if we bought this one million dollar deal with a million dollars of cash our cash on cash return would just equal our cap rate both of these figures would be seven point zero two percent there's no magic behind the difference between these two figures however the big and most common thing that can change this formula is leverage leverage is essentially debt so let's say we approach a bank and say hey we've got a really good deal on a million dollar apartment building would you be willing to finance 65% of this property most banks as long as there's sufficient cash flow are more than happy to finance a multi-family real estate and things can get complicated there in terms of how much they'll finance but simply put in expensive areas like San Francisco or other parts of California banks might only let you finance 50% and sometimes they'll even finance less than 50% which means you're putting more money down then you're able to borrow however in areas with higher cash flow like in the Midwest you might be able to finance with just 25% down on commercial real estate now for the sake of this example let's go with 35% that is we're gonna put 35% on this 1 million dollar deal so million dollar purchase price $350,000 is going to be our down payment and don't worry I'll talk about strategies for coming up with that $350,000 then this means the bank is giving us a loan for $650,000 to help us buy this property now in today's market you could generally get financing for four and a half percent and that's pretty conservative because you might be able to get financing as cheaply as before percent but let's go with four and a half percent so there are two types of loans that we can get the first is called an interest-only loan this is the easiest one to calculate and this is like the investors a favorite loan to get because it minimizes your payment which makes your paper return look bigger I'll show you if you don't follow yet no worries we're gonna walk through it so recall that we're making a hundred and eight thousand dollars gross on this building after expenses we end up with seventy thousand two hundred dollars but now we have an interest-only loan of $650,000 so because this is interest only doing the math on this is super easy we don't even need a mortgage calculator all we have to do is take six hundred fifty thousand dollars multiply it by the interest rate and boom there we have our annual interest expense in this case that means we're spending twenty nine thousand two hundred fifty dollars in interest so remember we had a hundred and eight thousand dollars of gross income after expenses we had seventy thousand two hundred dollars left over but now we have to spend twenty nine thousand two hundred fifty dollars on interest this is now going to leave us with about forty one thousand dollars after paying our debt note I rounded by about fifty dollars just to make the number a little bit more even so now with a net of forty one thousand dollars we actually have a different return because we have financing things just got complicated right well let's make it super simple remember when we did the net operating income we're trying to figure out how much money we're making on a million dollar spent we were making 7.02 percent on a million dollars that was our cash on cash return matched our cap rate but now we have financing involved and we only took three hundred fifty thousand dollars out of our pocket to control a million dollar deal so now what we're actually gonna do is we're gonna take our new net of 41 thousand dollars and we're going to divide that by the money we actually spent to control this deal so forty one thousand dollars as a cash on cash return on three hundred fifty thousand dollars is eleven point seven percent as a cash on cash return much better than the return if we've paid all cash for the deal and this is very common once you introduce leverage into real estate your returns tend to go up and watch what happens later when I throw in the mix refinancing right jack you're so cute thanks for being here with me he sent you nice boy now option 2 is the more common scenario and this is called advertising your mortgage or your loan for the property so remember you got a $650,000 loan at four and a half percent but this time we're going to pay back principal and interest this makes the math a little bit trickier but we could just use the mortgage calculator to make it simple for us so in this case if we amortize a loan over a thirty-year period of a six hundred fifty thousand dollars at four-and-a-half percent your loan will cost you about three thousand two hundred ninety three dollars per month now annually that's gonna cost about thirty-nine thousand five hundred dollars so if we go back to taking our net of seventy thousand two hundred dollars minus thirty nine five for our loan we're going to end up with a net net on this deal of thirty thousand seven hundred dollars so in this case the net is actually smaller than that interest only loan we had mostly because Jack's holding up a microphone now no it's because you're actually also paying down principal you're paying off the loan which the more you pay off the loan and the more safety you have in a deal so usually interest only while it gives you more return on your cash or it appears that way you're not paying off as much of the deal as you could be paying off which means you could have more risk if the market shifts principal pay down is a nice way to insulate yourself from market risks although you don't only want to rely on principal pay down either so now let's figure the cash on cash return for this amortized loan well if you're left with thirty thousand seven hundred dollars and you divide that by the three hundred fifty thousand dollars you put down you get an eight point seven percent return so you notice that the highest return is the interest only loan then the amortized loan and then paying cash cash matching our analyze cap rate of seven point zero two percent so this is how you can see that debt can actually boost your returns in real estate but financing isn't the only way to make money in real estate in fact now let's talk about the ways to add value to multifamily real estate so that you can make more on your deals you want more money what are you gonna do when you with your money hanky dang you're gonna buy $100 gun what does that gun shoot do New York's the new nerf bullet so we talked about net operating income we talked about cash on cash returns now let's talk about increasing the rent as a way to increase the value of your property let's say on this fictitious deal that we came up with we're able to raise the rents thirty dollars a per-unit thirty dollars per unit is an extra three hundred dollars of cash flow per month for the entire building this is a nice thing about multifamily as you raise the rents across the board that's a big boost in cash flow so a thirty dollar rent increase is actually three thousand six hundred dollars of extra cash flow per year now and in our private live streams which are included in that real estate investing course I teach you how to find and buy below market value multifamily real estate as well as single-family real estate and one of the concepts is a buying multifamily real estate with low rents so let's stick with our million-dollar building and say that we go into these $900 units and for whatever reason those units were being sold below market value maybe the owner hasn't raised the rents in the while and now you go to the property and say hey I'm the new owner everybody's getting $100 rent increase now this comes with some pros and cons and some risks you know what if all your tenants move but in this fictitious example let's say they all stay and they all agree to pay $1,000 per month now now the sudden you've increased the income of this building in one swoop from $900 per month per unit to $1000 per month per unit an extra hundred dollars per month per unit is an extra thousand dollars per month of income or an extra twelve thousand dollars of annual income by the way it's very common for landlords who unfortunately don't always know what they're doing not to raise the rent now raising the rent is a big mistake in any form of real estate investing but anyway simply by easing the rent you can dramatically increase your cash flow as a multi-family real estate investor but there's something else that raising the rent unlocks for you almost immediately and that is the next way to make money on multifamily real estate introducing the refinance so the easiest way to talk about this and show you how the value of your multi-family real estate can go up when you increase the rent is by talking about a concept known as the gross rent multiplier here's how that works if you buy this million-dollar deal and it has a gross rental income of a hundred and eight thousand dollars you could divide a million dollars by a hundred and eight thousand dollars of gross rent and what you get is a gross rent multiplier in this case that multiplier is nine point two six that is how many times gross gross rent you are paying for the building in other words you are paying nine point two six times the gross rent for the value of the property that you're buying you can approximately fact check this by taking a hundred and eight thousand dollars and multiplying it by nine point two six now here's the cool thing if you did type that math out now try doing instead of a hundred and eight thousand dollars by nine point two six put in a hundred and twenty thousand dollars of annual gross income times nine point two six and remember we paid a million dollars for this deal but now if we keep that gross rent multiplier stable let's say that's the gross rent multiplier for the market we're investing in which becomes very important for how to value multi-family and it goes into a detailed subject again things we cover in the course link below but hey you know what maybe we could share another video in the future if you all like this kind of content on YouTube I don't know if this is to lecture II to be on YouTube so let me know what you think if I end up deciding to post this video sometimes I worry that these more classroom style videos come across as too preachy but anyway okay so we bought the building for a million dollars with a nine-point to six times gross rent multiplier but now we have more cash flow so our gross rent multiplier actually tells us that the building is now worth 1 point 1 1 million dollars which guess what we can now do we can now walk on over to the bank and as long as the appraiser agrees that our gross friend multiplier is the same this is approximately I'm simplifying here obviously we could probably get that same 35% down loan maybe even better but let's stick to comparing this as evenly as possible and go with a new 35% down loan well 35% down this time instead of getting a $650,000 loan means we can get a loan for up to 720 $1500 and all I did was take that 1.1 1 times point 6 5 where that max loan amount to represent 35% down but the cool thing is we already own the property so we have equity in the property we don't have to come up with that 35% down again all we're gonna do is pay off our old loan and we're gonna have some extra money in fact let's assume we're gonna pay some small loan fees and we're gonna get this new loan of 720 $1,000 minus some loan fees let's say we basically clear about seven hundred fifteen thousand dollars we're gonna pay off our six hundred fifty thousand dollar loan and now we're gonna have an extra sixty five thousand dollars of money that the bank just wrote us a check for because we just did a cash out refinance that's sixty five thousand dollars by the way is not taxed because just because you borrow against the property doesn't mean you have to pay taxes on it loans are not taxable events according to the IRS obviously always consult a CPA and a loan officer and the proper professional this is obviously just a video on YouTube for entertainment purposes only and please don't sue me bro so we started this journey with $350,000 down but we just did a cash out refinance and got sixty five thousand dollars out of the deal because we raised the rents this means we only have two hundred eighty-five thousand dollars in the deal which means our return on investment probably just went up let's do the math I'm gonna speed this one up a little bit all right you could do this math by following the same stuff we talked about earlier speed this one up so let's take our $120,000 of gross rental income take off 35% and we're left with seventy eight thousand dollars to go spend on stuff or be a return on our investment which is probably the better decision but anyway seventy eight thousand dollars of income now we've got to pay our debt if we get an interest-only loan we are going to have payments in the neighborhood of thirty two thousand five hundred dollars so seventy eight thousand dollars minus thirty-two five leaves forty five thousand five hundred dollars which if we now divide forty five thousand five hundred dollars to figure out what our cash on cash return is do not divide it by three hundred fifty thousand dollars we don't have three hundred fifty thousand dollars in the deal anymore we only have two hundred eighty five thousand dollars in the deal because we did a cash out refinance which means we have less money in the deal and we're making more money so now if we divide forty five thousand five hundred dollars in net income after our interest only loan payments we see that our cash on cash return is fifteen point six seven percent that's crazy that's really really amazing so all of a sudden this seven cap that we went in and raised the rents on then did a cash out refinance on and increased our leverage position with an interest-only loan boom fifteen point six seven percent ROI baby but now let's go with the more conservative measure and assume that we amortize the loan which it's generally more common that's oftentimes what you're going to see so if you amortize this loan you're going to have expenses of forty four thousand dollars for the debt so seventy eight thousand dollars - forty-four thousand dollars leaves you with thirty four thousand dollars of net income thirty four thousand dollars of net income divided by two hundred eighty five thousand dollars that you have left in the deal works out - will return on your investment of eleven point two percent also substantially better than the numbers earlier remember more cash flow more debt more return on your investment so what's the next way to make more money on multifamily real estate well the value add so you could buy a deal with below market value rents you can refinance it because you bumped the rent or whatever or you could change something about the deal that's going to make the property better and appeal to tenants more maybe you're going to reduce turnover which increases your net maybe you're going to make an improvement like adding a swimming pool or creating a security gate and you know automatic gate as an entrance to this property and all of a sudden you're going to increase the people's comfort you're going to minimize the people loitering around on the property and people might be willing to pay you more money in rent for this investment this can unlock a few opportunities for you so let's say you install this fence and gate and all of a sudden you can raise the rent fifty dollars per unit and it cost you fifty thousand dollars to do it fifty dollars per unit times ten units is six thousand dollars of annual income so you're not making six thousand dollars more of money and you spent fifty thousand dollars in improvements to make this deal happen not only is six thousand dollars on a $50,000 improvement a really good return on your investment alone I mean there's a payback period because you have to pay for the improvement right but guess what also just happened your ability to sell the property for more or go back to the bank and refinance again to pull some more money out in other words that's sixty five thousand dollars you pulled out earlier you could have used that to add value and then go refinance again and take the money out again now you can go overboard with leverage and a lot of people did go overboard with leverage and that's why a lot of people lost their pants in 2007 2008 2009 and you had a lot of foreclosures going on it wasn't just single-family it was also overvalued multi-family so you have to be very very careful that you're not overpaying for real estate preventing you from overpaying for real estate is probably one of the biggest parts of my investing program link below and those live streams I do there are a lot of people's deals that I look at where I go whoa are you sure about this one and I go no no no but then there's an equal amount of people where I go yes a by this yes yes they're following the principles they are winning and people go closed on deals that make them money now where does the 10:31 tax deferred exchange come into play well if you don't want to refinance your deal you can sell the deal problem is when you go to sell you have to pay taxes on your gains so here's a quick way that works let's say you buy a building for a million dollars you sell it for two million dollars and you've put a hundred thousand dollars of improvements in and you had a hundred thousand dollars of other expenses and realtor fees and all this so in other words you basically made 1.8 million dollars on a deal you bought for a million now subject to some adjustments like depreciation recapture and all this crap you basically add about an $800,000 profit on the deal $800,000 of profit tax that a long-term capital gains rate depending on which stay here in it's gonna be at least 20% there's like a hundred sixty thousand dollars in taxes that sucks nobody wants to give the IRS one hundred sixty thousand dollars on a multi-family deal especially since even if you paid the taxes what would you probably do after you sold the deal well you'd probably just don't reinvent it into real estate because that's what everybody says to do is if you make money go reinvest it so what's a cool thing that you get to do with real estate well in real estate you get to take advantage of something called the 1031 tax deferred exchange and this basically says hey IRS we know we owe you a $160,000 but would you mind if we just caught up with you later we're gonna be reinvesting all of our profits into real estate again and providing housing for people so you guys cool if we just catch you later now the answer to that is simple it's yes as long as you don't touch the money and this is where you need something called an exchange accommodator who's basically going to hold your profits until you go find another deal to go place that money into that way you've never actually touched the money as soon as you touch the money you get taxed so don't touch the money what I want to teach you right now are some basic ways to find deals and get the money for deals first things first how do you hunt for deals well when it comes to multifamily real estate I hate to say it but deals can be far and few between that is there aren't that many deals on the open market right now so here are the common ways to find deals number one you go on a website called loop Netcom then you type in multifamily real estate in whatever area you were searching for real estate in that's a great way to get sort of introduced to the multifamily real estate market and kind of see who the power players are in your neighborhood in terms of commercial real estate brokers the second option is the Multiple Listing Service this usually syndicates with like Zillow and red fin so if you click multi-family real estate it shows up there but most big deals don't show up in the MLS in the commercial real estate space usually you have to leverage broker connections to get into these larger multifamily deals in fact a lot of multifamily real estate is sold before it ever hits the market this is why I teach in my programs a linked below that you have to leverage the connections that you build with your circles and I teach you exactly how to build those connections and circles as well you do have other options and these are options like what the wholesalers do where you can mail owners or basically farm for owners this is a strategy but usually relatively low odds so the best deals you're going to get are going to be off market deals the next best deals are the ones you can get your hands on that are actually on the market as long as you're not overpaying now beyond actually finding the deals you have to prove that you have the ability to actually buy the deal which means you should be armed with proof of funds and a pre-approval letter which is why the first thing you should almost always do when it comes to shopping for real estate is call a lender and get a pre-approval letter that doesn't cost you anything to pick up the phone and ask a what are the requirements for me to get pre-approved for a commercial loan or a residential loan or any kin alone just tell them what you want just be upfront hey you know I want to get into multifamily real estate what do I need to get a loan boom the lenders work on Commission they're more than happy to help you for free now earlier I said I'd help you figure out where to get the cash well here you go there are a few different ways you can get the cash to invest in real estate the number one option is you borrow it now you have two ways to borrow money in real estate let's say you want to buy that million-dollar deal and you need three hundred fifty dollars to buy it if you don't have that $350,000 saved up you've got two options when it comes to borrowing one private money or hard money this is where you usually pay like eight to fourteen percent for that that extra benefit of getting private party financing that gets expensive that gets risky this is that's where you start touching the the risk of foreclosure that's more scary the other option is leveraging other real estate that you already own so let's say you have a large portfolio of wedge deals that you bought single-family smaller deals larger multifamily deals other deals whatever you could leverage equity in those deals fight basically by taking out secondary forms of financing against those now get cheaper loans to buy bigger deals if you're not interested in borrowing more money which I don't blame you if you're not interested in that the other option is partnering with people or doing real estate syndication which is basically kind of like crowdfunding money from a bunch of people on the internet or whatever and then going to invest it in real estate on their behalf which by the way if you're interested in investing money into real estate especially like multifamily deals take a look at the link below I'm not sure I'm gonna do anything with this yet this is definitely not a solicitation it should not be construed as any kind of general offer or solicitation but I do want to start building an interest list in the event that you're interested in investing in a small-scale real estate investment fund that I would be managing and spearheading five million dollars I believe is the legal limit for starting out and again right now it's just an idea I'm collecting information I've been working with attorneys already so take a look at that link below no harm and dropping your email in there and filling out the quick you know a few question questionnaire and you're in you'll be informed if you know I decide to do anything and I might not it's all going to be dependent on me actually finding good deals and in fact the last thing I just said is the key there's usually no shortage of people with money willing to partner on your deals whether you're using an LLC or your syndicating or you're partnering in one form another there's almost never a of people willing to invest there's almost always a shortage of good deals to invest in so even if you don't have money you can learn the concepts of investing in real estate learn the concepts of hunting for deals and when you find deals guess what the money shows up most people get that backwards they start looking for investors but they don't have deals wrong bad wrong like it's worthless so now what is the most realistic way to invest in multifamily real estate well it depends on the area that you're in if you're in an area with high cash flows where you can buy deals that are seven caps nine caps ten caps great you could probably get started buying 5 10 20 unit apartment buildings pretty easily because you could get more financing on them because there's more cash flow if you're in an area with lower cap rates like you do the cap rates on multifamily and they're like 3% for 5% starting with multi-family is going to be a little bit tougher and because multi-family is so competitive right now most people are going to be better off starting by finding single-family wedge deals now since this is a multi-family video I know that a lot of people are going to hear that and they're gonna cringe or start pulling their hair out or maybe you've clicked out of the video by now oh well sucks for you but I just want to be real here there's like no competition in the single-family space so if you want to build your net worth fast it's not a bad idea to start small and work your way up nobody starts with a hundred unit apartment building unless they already had a ton of dough in the coffers if you don't yet have money if you don't yet have a net worth if you don't have experience yet and you haven't built a portfolio yet maybe consider starting with some really sweet wedge deals get yourself ten of these Golden Tickets build a net worth become a millionaire and then take your assets and start scaling into some big deals and that's when things start getting real fun but you got to put in your dues and you know what there's nothing wrong with putting in your dues on easy deal like single-family wedges so there you have it fol
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