Want to Buy My First Multi-Family Property - Need Help Financing

Atlanta, Georgia
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Want to Buy My First Multi-Family Property - Need Help Financing

Tyler Chenault
Real Estate Agent · Atlanta, GA · Member since 2023 · 3 posts · 2 votes

I am looking to purchase my first investment property, a quadplex in the North Georgia area. 

For this deal, I am looking for financing assistance (preferable 100% financing). I am having trouble with getting the funds necessary to secure traditional financing. The quadplex is fully occupied and cash flowing with long term leases in place. Rents for each unit are $1200 and can increase. Newer roof, systems, etc. House Hacking is not an option for me as I am married with a family of 5.

I've been a licensed real estate agent for 5 years now and I have experience helping many real estate investors successfully grow their portfolios and protect their assets. I now believe it is time to finally get into my first investment property and begin to grow my own portfolio.

Looking to keep this for years as a long term rental.

I'm willing to give a significant portion of the monthly cash flow back to help make the deal make sense. I'm more interested in getting my foot in the door with an investment property. 

Please reply if you can help me with this situation. 

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Tyler Chenault:

Welcome to the BiggerPockets forums!

Partnering with strangers on the internet can be tricky. I recommend you find investors in your local area that you can network and build relationships with. They are more likely to partner with you. If you have a a deal that makes sense and are someone they can trust, you shouldn't have a problem finding someone to partner on this.

Over 85% of agents quit within two years, so congratulations on making it this far!

The DIY Landlord Book4.7247 Reviews
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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Tyler Chenault:

    Welcome to the BiggerPockets forums!

    Partnering with strangers on the internet can be tricky. I recommend you find investors in your local area that you can network and build relationships with. They are more likely to partner with you. If you have a a deal that makes sense and are someone they can trust, you shouldn't have a problem finding someone to partner on this.

    Over 85% of agents quit within two years, so congratulations on making it this far!

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    1Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    3y
    Quote from @Tyler Chenault:

    I am looking to purchase my first investment property, a quadplex in the North Georgia area. 

    For this deal, I am looking for financing assistance (preferable 100% financing). I am having trouble with getting the funds necessary to secure traditional financing. The quadplex is fully occupied and cash flowing with long term leases in place. Rents for each unit are $1200 and can increase. Newer roof, systems, etc. House Hacking is not an option for me as I am married with a family of 5.

    I've been a licensed real estate agent for 5 years now and I have experience helping many real estate investors successfully grow their portfolios and protect their assets. I now believe it is time to finally get into my first investment property and begin to grow my own portfolio.

    Looking to keep this for years as a long term rental.

    I'm willing to give a significant portion of the monthly cash flow back to help make the deal make sense. I'm more interested in getting my foot in the door with an investment property. 

    Please reply if you can help me with this situation. 


    Friends. Family. Other Realtors. That's where your partners are. Sounds like the property will have good cash flow. A DSCR loan could go up to 75 or 80% loan to value. Work a deal with a successful Realtor for monthly income until the down payment is paid back.

    Stephanie

    1Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Tyler Chenault

    Is seller financing an option?

    0Reply
  • Tyler Chenault
    OP
    Real Estate Agent · Atlanta, GA · Member since 2023 · 3 posts · 2 votes
    3y

    Seller has turned down multiple seller financing offers. I just spoke with the listing agent and seller just wants to cash out at this point. 

    I think I will send an offer with seller financing but get more creative.

    0Reply
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