Periodically, I've been coming across some nice looking deals for larger multifamily properties ($5-10m range.) I'm interested to know if anyone has any tips or suggestions for putting together these deals, specifically, assembling partners, financing tips, etc. The friends and family circles (at least my circles) would find it rather difficult to jump into deal sizes like this, so any general tips and suggestions would be welcome. Just FYI, I don't have a million dollars in cash available!
Thanks! I'm not necessarily trying to jump into a particular deal, though I've been finding and analyzing quite a few and it seems like some of them might be very attractive. By the way, this is not a solicitation for partners.. (Although if anyone wanted to chat in general terms, it's certainly welcome.) The purpose of this post is really to develop a plan on how to get into those bigger properties and the strategies that work and those to be avoided.
@Brian Dear where are the properties you are finding? The 5-10 million dollar space has some great opportunities. That's the space that I love to invest in
John Cohen, JC Property Group Inc | 5162683500 | http://www.jcpropertygroupinc.com
Hi I am looking at those kind of deals as well.
Our objective is to get into a 5 million + multi family property.
Looking for partners and investor to help.
Hope to connect with you.
+61411270165 | http://www.agtinvestors.com
Best advice I can give you is to put together a great team of managers, lender, engineer, lawyer, etc. Ask lots of questions, and recognize that lager deals are primarily for cash flow. Its very hard to find and even harder to finance "fix and Flip" commercial deals.
Feel free to reach out to us offline if you have any specific questions.
I am also looking to get into the $5M deals. I will be using savings from my day job and fix & flip profits to fund a down payment. It will take about 7 years, I believe. The only way I see to get it done quicker is to partner or syndicate the deal for investors. Good Luck. I like the last name too! :)
I'm finding a few decent deals in South Texas, places like Corpus Christi for example. We currently have a contract on a much smaller deal (28 Units) in San Antonio. But it seems like once you get above a certain number of units, the process seems to get more complicated. For example, this property I'm analyzing in Corpus Christi is 200+ units and it apparently has an assumable note, I know what assumable means, but what I'm not sure about is the typical process that happens to put those kinds of deals together. I'm going to hear back from my broker at some point this week with more details, but for now, I'm asking in general terms.
I am finding, however that keeping one's eyes open outside of what sees as "their" market is definitely wise as the so-called "hot" markets seem to be much more competitive.
@Brian Dear I just replied to a very similar post. Basically, you'll want to build your network. Here is the post with more detailed thoughts for you:
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!