Looking for 1st apartment complex

[Michelle Dong]

Hi BP Family,

My name is Michelle and I bought my 1st rental property in 2021. I am looking into getting into residential commercial properties in Orlando, Tampa, or Fort Lauderdale area that contains 90+ doors and just wanted some advice:

What/Where is the best method to find these deals?

When I present my deal to investors, where can I find these investors?

As a new investor, is it possible to get 1% equity in the deal when presented to investorrs?

Thank you all so much in advance.

[Randall Alan]

Wanting to do a 9 million+ dollar deal is pretty ‘ballsy’ when you are pretty new to the real estate game.  I applaud your ambition!   It’s not that it can’t be done, but I wouldn’t think you would have the pedigree most investors would be looking for to lead such a deal.  It’s a bit like saying I just got my pilots license last year but want to move up to 737’s now that I know how to fly. I feel like your potential investors  would be questioning your resume.  Maybe you have more experience than your post states… but if not, your might want to consider at least partnering with someone on a few deals to gain more practical experience in that bigger market.  I’m not in that market, I’m just analyzing from the outside here… we do have 40 units though, so by no means a novice.  But without the practical experience my next move would be something on a smaller scale and build up to something larger down the line.  

Have you looked on loopnet.com?  Many of the type of deals you are looking for are there… but what I would point out is that most are being brokered by commercial brokers.  Someone looking to sell a $10mm property is going to gravitate towards an established company to sell that big of a property.  Getting a job at a company that sells / markets these properties would be a great next step.  You would learn the ropes, and could then venture out on your own later.  I just think your ambitions outweigh your experience at the moment from what you have shared with us.

I truly wish you all the best and sorry if this comes off sounding negative.

Randy