Can my first deal be too much!?

Question

Good day everyone.

I have come across a potential  deal as my first investment property.

Here are some details on it:

- 56 unit satelite complex

- all in (purchase, cap x, cost of money etc) about $3.5 Mil

- Cash flow of $9000.00 - $12000.00 p/m

- Coc Roi of 9-12%

A bit more due diligence is needed but thus far the numbers are looking ok. Like I said this will potentially be my first MF deal. I have not done this before. I don't have an "official" team yet, and I don't even have the company official set up as yet (Redeem Properties).

Now my experience in RE is that I own a few properties and my house but that is it. I never got them thinking that one day I would be a RE investor. Thank you.

Darin A. Scavella Jr · Answer

Hi @ Jason Shackleton.

Thank you. For the response and the tips. I really appreciate the "congrats on dreaming big". Sometimes my wife has trouble seeing my visions but they tend to come to fruition.

Jason Shackleton · Answer

Hey @Darin A. Scavella Jr Congrats on dreaming big! I see from the above comments that you can't currently close on the property. I would recommend being prepared to close before you look at these deals. If you are looking at these bigger deals I would recommend refinancing your current properties to have the money ready in your bank account. That way when the right deal does come through your pipeline you can close it. Also I would create a list of potential money partners and let them know that you are looking to purchase properties in the future and will be looking for partners. This way they are prepared for the opportunity mentally and will be more likely to participate in your deal.

Hope this helps,

Jason

Darin A. Scavella Jr · Answer

Hi Michael,

I do not qualify to buy it. This is something that I would need an partner(s) to finance.

Michael Plante · Answer

Do you qualify for a loan to buy it?

I would look into that all other questions may be moot.  Or totally possible