15 unit asking 2.5m!!! Can a newbie do it?

[Andrew K.]

I have been looking and found a nice 15 unit building in a solid neighborhood! Problem is I haven't done any deals yet. Going over how could I get this done? Any ideas?! Net income is around $120kyr. Rents are about $18k monthly. Does this seem doable?

[Chris Seveney]

Quote from @Andrew K.:

I have been looking and found a nice 15 unit building in a solid neighborhood! Problem is I haven't done any deals yet. Going over how could I get this done? Any ideas?! Net income is around $120kyr. Rents are about $18k monthly. Does this seem doable?

 Do you have $500k for the down payment? Do you also have another $150,000 in reserves? IF not, then the answer is no. While someone may say try and get it owner financed etc for less, do not do this.

I would also expect to take a lot of lumps along the way.