Starting off with 32 units

[Cody Swyers]

Hello everyone,

Has anyone on here ever started off the investment journey with a 32-unit property or something comparable to that? If so, how did it go? what kind of financing did you use? and what did you do to come up with a down payment? I'm looking into the possibility of investing into a property like I stated above. I would need to get a loan for around $1.5 million. The down payment would be around $300k. After running all the numbers and saving conservatively for cap ex and other maintenance it would cash flow around $2500 - $3800 depending on vacancy. My initial though was to apply for a DCRS loan and either find a hard money lender or try to acquire a business loan for the down payment then do a cash out refinance in a year or so to pay off the down payment loans. Let me know what you all think, like I said I'm very new to this and am probably missing something.

Thanks in advance for any info,

[Caleb Brown]

I would not jump into a 32 unit with being fully leveraged including the down payment. If you had the down payment/reserves then it'd be a different story. Start with a single family or 2-4 unit. Get your feet wet then scale up.