My name is antonio mcclinton jr and I am in memphis Tennessee and I have been looking at this 24 unit for months now but its for sale for 2. 136 mil. I have read and listen to podcast like crazy and im still doing it but its time for me to make the jump but for someone just starting out am I getting ahead of myself or should I start off alot smaller? Any advice would be highly appreciated
Anything is possible. But I almost would say that’s a little too much alone. Do you have connections to make this happen.
I know people who buy and hold in memphis but havent reached put regarding this property
That's quite an expensive jump if you've never invested before. Do you know how to take that on in a way that can make it successful?
Hello Mr. McClinton, I would advice you to find a property within your means, build equity, and upgrade only when the time is right. I hope this helps.
If you are really committed to doing this specific deal I would highly recommend an experienced partner. The best part about real estate is the creative aspect of putting deals together. If you have all the capital for the down payment and the secured financing you could bring someone in who has the experience to help fill that gap. Or split the purchase with them. But if you plan to go solo and it's your first deal, I would say you might be biting off more than you can chew. Also if you are looking at financing, banks may not lend too you since you have no track record for a deal that size and you would be outside their risk tolerance level.
thanks for the help, I do agree that it might be too much for me right now especially with it being my first deal. I have set out alot of real estate goals that I know are feasible but trying to buy a million dollar multi family might not be in the cards at the moment
I am not sure in which neighborhood is the 24 units being advertised for 2.1 million.
Please be careful in this deal for sure.
its in the downtown area and according to the description the units been renovated