Purchasing a 5 unit Apartment Building

[James Andrews]

Hello, all

Let me begin by saying that I am a newbie at investing in real estate. I have been searching my local area and happen to come across a 5 unit apartment building, which I would love to acquire to start my portfolio. With very little capital, I am thinking about contacting a private money lender. Should this be my first step in trying to purchase this apartment building? If not, why?

[Michael Le]

Hi @James Andrews, your first step should be to determine if this is a property you should be purchasing. Do you know how to evaluate it and determine if it's a good deal? You don't want to contact any lender - private or bank - without being able to present your underwriting on why they should lend you money for this deal.