Real Estate Agent · Herndon, VA · Member since 2017 · 16 posts · 2 votes
Ok, so I'm way out of my depth, but I'm going tomorrow to try to introduce myself to the owners of the large apartment complex where I live. (You may have seen the discussion I started when I was trying to look up who the owner was and how to contact them.) I've estimated the property has over 200 units, I haven't had time to hand-count them yet, don't know if I can look it up easily.
Anyway, I'm not sure what I want to say to the owner. I'm the kind of guy who likes to play things close to the vest, and I think I'll keep it to myself for now that I want to sign a win-win master lease with them and replace their management company - maybe not mention that I'm a resident at a property they own - maybe just introduce myself and see if they have time to answer some questions from an aspiring real estate investor. Does anybody have any experience with a situation at all like this? Any wisdom from experience you folks can share?
Real Estate Agent · Herndon, VA · Member since 2017 · 16 posts · 2 votes
9y
@Account Closed
Way, way, way, way, waaaayyyy out of my depth. Better?
Ok, more on the financing point: I've heard and read that if you find (or make) a good enough deal, financing will be available for it. Also, what do you think of the idea of a master lease for such a project?
I have not done syndication nor bought any multi-family. I have a 22 unit on the hook but not reeled in yet. And that is a far cry from 200 units. Go to the top of the page and do a search and you will find plenty of people that have actually done these. That is a much better source of info than myself.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
9y
@Wade McMaster Typically what people mean when they say "you'll find the money" is that you'll be able to find interested investors and then get the financing. It's almost guaranteed you'll need some substantial percentage down in order to get the deal.
I run the Richmond Multifamily Meetup and our next meeting is TONIGHT! (If you can get here in time - I'd recommend it)
Our speaker is a commercial lender. Our speakers last month are experienced syndicators with access to a lot of investor capital. One of them will be in attendance.