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Updated about 5 years ago on . Most recent reply

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Joel Garcia
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Buying my first apartment complex

Joel Garcia
Posted

I’m looking to buy an apartment complex in the 3m dollar range. I don’t have the 20% most bank ask for so I was thing of going to a hard money lender to give me 600,000 loan and the rest from the bank. And thought and suggestion?

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Mike Dymski
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
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Mike Dymski
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
Replied

The bank wants you to have skin the game...and a HML won't want a 2nd position on a 100% financed property. 2007 is a bad memory.

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