All Forum Posts by: Matt Heath

Hello Everyone,

I am trying to get into commercial multi family apartments and I have 32k saved up in the bank along with my 4 unit I already own. 

Is it possible to find a deal under market value even if you don't have the down payment and still be able to get a loan? 

Say you are trying to purchase a property for 400k and it appraises at 500k. Is there a bank out there that will let you use the equity as part of the down payment on the property? 

How much do you need to get started? What would you suggest for tips. 

I am also interested in multifamily properties in sheboygan wi. Please let me know what you find! 

@John Cohen

I would love to speak with you on how you got started and about your experiences! I would love to hear the details on your deals. How much money you needed down, cap rates, ect. I am not familiar with what the criteria is for commercial multi family is with acquiring a loan. Does it depend on the specific bank as to what down payment is? Do you ask for the trailing 12 months to analyze each deal?

As far as working backwards,  do you appraise the property first and then compare the refinance to the 1031? After doing that do you look for properties in your price range? 

Thanks again for your time and input!

@Jeff Kohl - what problems have you had with ccommercial multifamily? I want to get into larger pproperties because with larger deals comes larger values of income.

Hello Everyone,

I currently own one four unit apartment that I purchased for $193,500 and rents for $2300/month. When I bought the proerty it appraised at $217,500. I paid only $3,500 down for the property using an FHA loan. My interest rate is 3.5% with a 30 year fixed loan. I do not plan on selling this since it is such a low rate. I have increased the value of the property by raising the rents. ( when I first bought it rents were $2,085/month). I have the goal to bust into large apartment complexes 5+. I am 25 years old and have 19k in the bank not including 10k in reserves for the property. What are some strategies you use to get into this space? Do I keep buying smaller multi family properties like duplexes and eventually sell to 1031 exchange into higher units? Do you refinance and pull out money? Try to find sellers to do owner financing? What would you do in my situation? How long did it take you to get where you are?

Thank you for your time and responses! 

Thanks everyone! I will call around and get some quotes. 

Hello,

I own a four unit property in Sheboygan WI and am looking to see what a good premium is considered or if anyone knows of anyone I should contact.

Thank you for your time/connections. 

Hello,

I am wondering how increasing interest rates will affect the strategies of others. 

I am a buy and hold investor but can see how increasing rates will affect my cashflow and acceleration of my business.

Anyone have any ideas how to adjust their plans? What will you do? 

Right now for an investment property is about 5.125% interest rate. 

Thank you for your time! 

Hi Charles,

I am interested in purchasing some units in the Eau Claire area. Send me a pm of the details of the properties you have or give me a call. 715-214-5790

Hi Kris,

So at age 22 you had $487,000 to invest???

@Dave Carpenter 

How many years did it take him to acquire his portfolio? I would be extremely interested in talking with him over the phone or via email! I would love to learn more about his experiences!