Large multi unit complex
Looking to make the jump into a 3.5M multi unit apartment complex purchase. I can probably put 15-20% down (less would be best), not looking for a partner any recommendations on where I should pursue financing the remainder?
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You would probably need closer to 30% and 10-30% post closing liquidity. For a 3.5mm property you would be looking at $1,050,000 down + operating capital and closing costs. Also if you don't or can't roll the rehab into the loan you have to add $$ to fund your rehab as well. Total in for this scenario would be roughly 1.2-1.3mm if the rehab budget is light.
You now have to have the 10-30% post close liquidity which could be as much as 735k in this example.
As you can see there is a lot to this and not just the down payment which I believe you are under estimating unless you do some non-traditional things as some have suggested.
@Danny Randazzo is right, you can do it just have to know the realistic probability of what's truly needed and involved.
Good luck with this.