Good morning everyone,
My wife and I have owned a multi-family which we have rented since 2012. We have been happy with the results and are looking to continue to grow. We are interested in a 12 unit apartment complex, but are looking for some help with a couple things:
1. We’d love to see if there are any mentors out there that might be willing to guide us in our growth process into much larger complex. If someone could help point us in the right direction to find one, that would be amazing.
2. The complex we’re looking at is about a couple mil and would like to figure out the best lending options on it. Does anyone have any experience here? We can put down about a third of the downpayment on it, so we’d be looking for help with the balance of that, plus the loan. Our numbers look very good for the property, but we’re at a loss on how to approach it financially. Any thoughts / assistance here would be welcome too.
We’ve been very thankful that the BiggerPockets community is one that is such a helpful one in teaching people to be able to take charge of their lives and approach real estate investing as an actual opportunity for anyone with the drive to go and get it.
@Chris Tedeschi For the loan, you likely need to speak to a bank that specializes in commercial real estate lending. It's typically best to find a local or regional one. Their parameters for qualification are totally different from traditional property investment loans. They will be much more concerned with the cash flow of the property (which sounds like it is not a problem!). Call around. You'll get plenty of great advice over the phone from a lender.