Multi family investing

Member since 2019 · 1 post · 0 votes

I am interested in getting into apartment investing, I'm a newbie, my credit is toast, so I will need a loan, what is the best strategy or idea do you think I should use? And how do I find them, I live in the Seattle area. Please, any help will be greatly appreciated.

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Michael HaasBusiness Member

Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes

Hey @John Vela - often times it helps to start with your strengths, build them up to the fullest, and then find partners to fill in your weaknesses.

Sounds like you don't have experience, and don't have the ability to tap into standard bank financing if your credit is toast. Are you planning on hounding for off market deals, providing management, or providing capital?

PS: Our strategy, and the strategy of many investors I know in this area, is to hit their 5-10 property limit in Single family and small (1-4 unit) multifamily conventional loans, then move into commercial and apartment complexes. Do you have any experience in single family or small multifamily investing? Of course there are a million different routes to success, but you may find things easier if you follow a more traditional progression, rather than "skipping" to apartment complexes.

[email protected]408-439-7873

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Christopher Parsons
Edmonds, WA · Member since 2019 · 61 posts · 46 votes
5y
I would read Crushing It in Apartments and Commercial Real Estate. I'm about half way through and its been an awesome read. I live up in Edmonds and am in the process of doing my 2nd BRRRR deal in the residential space and my wife and I are looking to move on to the commercial space. You'll probably want to look into Owner Financing strategies as well as how to build business credit and how to raise private money depending on how big you want to go. Let me know if you ever want to set some time to sit down and meet since we live in the same general area. @John Vela

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
5y
Hey @John Vela - often times it helps to start with your strengths, build them up to the fullest, and then find partners to fill in your weaknesses.
Sounds like you don't have experience, and don't have the ability to tap into standard bank financing if your credit is toast. Are you planning on hounding for off market deals, providing management, or providing capital?

PS: Our strategy, and the strategy of many investors I know in this area, is to hit their 5-10 property limit in Single family and small (1-4 unit) multifamily conventional loans, then move into commercial and apartment complexes. Do you have any experience in single family or small multifamily investing? Of course there are a million different routes to success, but you may find things easier if you follow a more traditional progression, rather than "skipping" to apartment complexes.
[email protected]408-439-7873
HouseHack Seattle | Michael Haas & Team572 Reviews
Website View Page
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Daniel Graham
Rental Property Investor · The Fox Valley Area - WI · Member since 2019 · 25 posts · 24 votes
5y
I agree with everything @Michael Haas said above. Additionally, I don't know a lot about the Seatle market but I did look at some home prices when I was thinking about taking a job there. I'm guessing to start you are going to need to find a suburb that isn't too pricey. Market research and finding someone who you can partner with are going to be good first steps. Also, focus hard on getting your credit fixed. This will open up more opportunities than you might expect.
Hard work makes good luck!
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