I'm looking to move into multi family investments and I don't have the experience to acquire a 30 unit plus apartment building with the loan requirements of Fannie Mae and Freddie Mac loan programs. Is this the requirement for private lenders as well? I'm looking for passive investors as well as acquiring multiple units annually (East Coast). I'm working on a couple of four plexs to tackle the experience deficiency of the loan approval process. I am also looking for an investor that currently has the required experience as well. Any support will be greatly appreciated, and thanks for taking a look at my post.
Maurice, You should make relationships with local banks in your target market that have a commercial loan practice. I know folks that got great terms with a local just by taking the time to do so. Freddie also has options with lighter requirements for small to midsize properties.
I will look into that as well and thanks. I’m studying different loan types and the benefits and drawbacks of each
I like your idea of buying the fourplexes first. Will help you qualify for financing, help you with your education, and increase your credibility in the eyes of partners and investors.
Don't worry about doing it fast, focus on doing it right.
Thanks for that feedback I appreciate it!