Transitioning from Residential to Apartments
Hello All,
I currently own a 6,000 square foot triplex in Los Angeles, California that I am doing Airbnb on two of the units and renting one. I have been cash-flowing very well for the past few months but prior to buying I was very interested in owning Apartments. I went ahead with the triplex because I though it would be good to get my "feet wet". However NOW my interest in Apartments is back and I've been looking at a few deals in Long Beach, California. I want to pick all of your great apartment investors brains as to how to approach now my first Apartment deal.
First off I don't have a huge portfolio yet obviously so I'm curious how do I approach the banks?
Do I need to go into my first deal with someone who currently has apartments?
Also I have been meeting with some local investors who are interested but will that be enough to to get full funding for the deal?
I greatly appreciate your guidance on this and any strategies you have to go step by step closing my first apartment deal would be great!
thank again