Partnerships and Underwriting Deals
Hey BP Community!
It's been awhile since I posted on here. Slight introduction to myself, I started wholesaling some years ago and then transitioned into fix and flipping in the phoenix market which is currently what I do now. I'm licensed in Arizona and California, so I'm not a complete newbie at this point, I have some experience. With that being said, I am now transitioning into multifamily rentals (5+ units). After countless hours of research and forming a team, I now feel ready to start looking for properties. I have only 2 hurdles at this point.
(1) I have yet to do a commercial deal which makes it difficult to get an accepted offer. It's my understanding that the solution to that problem would be to bring on a partner with the experience to co sign with me on a loan? (2) I'm using Loopnet to practice underwriting now, however I can only go so far in my underwriting considering I have no way to check if I'm right track. Having a partner to assist underwriting a deal or two together would be extremely helpful in knowing what I'm doing (which I would only need done once). I've had some great mentors in the past but not in the multifamily space which is pivotal at this point!
With all that to be said, I have access to capital (200k) and can raise more if need be. I also have all the time in the world to find and underwrite deals. I am just missing an experienced partner for guidance from A to B. Once I see it done once, I will never forget!
I am looking for C to B- class properties in Columbus, Cleveland, Memphis, and St Petersburg. 10 -15 units. Target CoC returns would be 7-12%. Still figuring at what cap rate I want to buy in at.
Is there anyone out there, who has a similar buying criteria and wouldn't mind partnering with a not-so-new newbie ? Any feedback would be greatly appreciated if not!
Thanks Everyone! Happy Holidays !