All Forum Posts by: Marcos Carbi

Hey guys, I hope all is well! I stumbled upon a $1.4 million 14 unit apartment complex deal I really like. Being a commercial property, my lender is requiring 25% down. Assuming I purchase at asking price, I only have enough for a 15% down payment plus closing costs, a tiny bit of rehab, and an emergency fund of 3 months worth of expenses. I really want this property but I'm not sure how to either 1) come up with the other 10% down through a JV or syndication or 2. somehow find an alternative lender allowing for a 15% down (seller is not willing to finance). What should I do?

Any advice or guidance is truly appreciated!

Hey guys, I'm currently analyzing a 14 unit apartment building but have never done a large multi-family deal. I was wondering what the timeline for such a deal looks like. E.g., when you see the property, when do you collect funds from investors, letter of intent, purchase and sales agreement, when you get your loan, etc. I'm quite new to this so the more detail the better!

I appreciate any and all responses/guidance. 

Great, thank you @Jason Kern! I'll definitely do that. Do you have a set time period where your tenants can call you? Do you recommend any important tenant responsibilities I should convey? I appreciate it!

Thank you very much! @Drew Sygit@Cameron Tope

Hello BP family, I hope you are all doing amazing! I'm in the process of closing my first duplex rental property and I couldn't be more excited.

The current owner uses a professional property manager which I don't want to use. I was wondering if I have to take certain steps to terminate the property management agreement before closing. I plan on sending them an email with my intentions but I'm not sure if I have to do anything else - I don't want to get stuck with additional costs and fees. 

Additionally, the current tenant's lease ends in late April and I plan to increase rent, as it is way below market rent. I was going to give the tenant the option of staying for a slight discount compared to the identical neighboring unit. Is there anything I should be wary about? Any cautionary measures I should take? 

Any advice is greatly appreciated, and I'd love to connect!