Acquiring first apartment building

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Can anyone shed some light into seller carry back experiences. I've seen the guidelines of some capital firms that have LTV at 75% w/15% seller carry possibility allowing an investor to bring only 10% down. This makes me think that I can do creative financing in this manner to leverage a $300K down payment to secure a $3M apartment building.

Can someone share experiences in regards to what banks are looking for beyond a profitable apartment building? for example, resumes, cash available, credit, etc...

We're able to get loans at 70% LTV with the bank with a 25% seller second. DSCR and cap rate are the two key measures. The appraisals take into account cap rate but honestly, from our experience on fully leased properties such as when we refinance, the appraisal comes in higher than the DSCR the bank is willing to lend at (1.25). Sometimes they go down to 1.1 but that's a stretch. We usually buy half to fully vacant so a DSCR is hard to apply. In that case, the appraisal has to come in much higher than purchase price usually around 50% replacement cost. I've always had to provide a personal financial statement. You can download a generic one off the internet. The banks haven't required a specific format.

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