Buying first multifamily property-where are you finding financing
Can anyone share their experience of when they bought their first apartment building? What bank did you go to? What was the process and requirements like.? Did you have all of your financing options in order before you started looking for deals?
Did you raise money to cover the down payment? Are there options to buy a property with a smaller down payment? Looking to buy in Indiana.
My criteria
10-40 units
$600k-$1.5M
Light to medium renovations
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Hey @Justin Goodin My first apartment deal on a smaller property I just used my local community bank that I have a relationship with. However, my next deal, I added a commercial mortgage broker to my team and he now goes and gets a bunch of quotes for me.
It's always good to get things set up prior to looking for deals, as you can be a bit more confident on what you can go after and if you are given the "green light" from the lender.
Yes, I raise money from those in my network who just want to passively invest and those who trust me to not only get a solid return, but to protect and multiply their capital.