Buying Apartment without major experience in SFH

[Brandon S.]

Hello,

I'm looking to purchase a 16 unit apartment complex in Washington, D.C.  I've been doing flips for a few years and saving all profits, plus savings from my primary job.  I also have owned 3 single family homes that were rentals, which I've sold 2 of 3 and made a nice profit.  

I'm going to continue to do flips, but my friend/business partner who used to work in the mortgages industry told me it would be hard for me to get a commercial loan because I haven't managed that many single family homes at once.  I've never heard that. 

Does anyone know how common that really is?

[Chibuzor Nnaji]

Hi @Brandon S., I’d like to piggyback on what @Kim Meredith Hampton said. Most lenders who will provide the loans you need for larger multifamily purchases would like for you to have experience in purchasing large multifamily deals or be teamed up with an experienced property management firm that has managed properties similar to what you want to acquire. So basically something you can do to be qualified for the loan is team up with the experts so a great property management firm, someone who has a lot of experience in the multifamily arena or someone with a large balance sheet that can be a guarantor for the loan. I hope this helps!