I have found what looks like a great deal on a 31 unit apartment complex. They are asking 2.5 million i think i may be able to get for 2.1. It cash flows 20k -22k a month currently and is 93% rented. I have a 580-620 credit score and the appraisal came in at 2.5mill. I need to know where to go, how to proceed, i could really use the advice. Thank you in advance.
Is this your first property? @Johnny Bennett Like a small apartment building, walk through it with a contractor to understand what your future looks like. What will it need in the way of repairs and refreshing during your ownership? How old are the systems? Have you introduced yourself to a commercial lender? Your credit score is not as important as your experience showing the lender that you can keep it running successfully. Or maybe you have a partner that balance your skills?