New to Apartment Investing

[Jaren Taylor]

Hello good people of BiggerPockets. I am new to apartment investing, I just wanted to get your guys thoughts on how I should structure a PPM and who I should go to. We are new so funds are very limited, is there a process you guys use to make sure legalities are set up right, and can they charge on the close of the deal?

We are chasing add value apartment complexes of 32 units or more, priced between 3.2M - 4.8M, purchasing all cash while using SOFR or Fannie as contingencies, targeting a 6-8% cap upon entry and want to operate sub 5% for stabilization. Adding $125 - $166 per door boosting overall property value. Paying our investors 6-8% Pref. then proceeding to a 70/30 waterfall split in our favor. WELL, thats what we planned so far. As of right now we are establishing relationships with Brokers, had done some pre marketing for our investors to fund EMD and DD. We set up our CPA, LLC, website, marketing plat forms (social media), investor (sponsors) list, I have an operation manager, acquisition manager, and myself leading the charge. I am aware of 506B and 506D for fundraising. Let me know what y'all think! I am here to learn as much as possible so I am not wasting peoples time or more importantly their money! I'm a realtor in OC, CA. Owned and wholesale residential for the last 5 years, but this is a whole new game to me. Thank you in advance!