Updated almost 3 years ago on . Most recent reply

Trying to close on a property near me and need help!
I found a deal yesterday and decided to make a move. The property is an 18 unit apartment in Edcouch, TX and listed at $950K. It is currently rented out over 83%. Average rent is 650 per unit. This deal makes a lot of sense to me and I want to close. I reached out to lenders, but I am new to this arena. I have $120k liquid reserves and I have about $100k+ in stocks that could be accessed plus an IRA with some cash in it. I'm a newer investor and do not have experience behind me to close with great deals from lenders. My wife and I have purchased 2 single family homes in the past 5 years which we sold to purchase a four-plex in Edinburg, TX. Our experience is limited, but how do we close this deal?
Most Popular Reply

You'll need to network with commercial lenders in your area for anything that is over 4 units. They'll want to know how you plan to manage it as well. It would help to have more experience but you can't change that right now. Consider taking on a partner that has done more deals and laying out what you want that partnership to look like.
- Scott Allen
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