Best strategies to secure large multi-family apartment buildings

[Joseph M.]

I am looking to buy a larger multi-family apartment building, but don't have that much cash and won't qualify for a large investment loan. 

What is the best way to find seller financed buildings? Do some portfolio lenders lend based on rental income and not take personal income into account? What about house hacking with an FHA loan?

Which strategies have you used?

[Omar Ruiz]

If you have no experience with large apartments (50+ units ), getting financing is a challenge as they want experienced operators. You'll need a sponsor with experience, networth and contact a CPM that will help you operate the property.

You may be able to get seller financing if you deal direct with sellers. You can ask agents if they have any seller financed deals.

All commercial lenders take into account property income, but are going to look at the borrower also. FHA-HUD for commercial is difficult to qualify and requires reserve funds. I wouldn't suggest starting this way.

I started with small multifamily and doubled size of units with every subsequent property  (2 to 6 to 13 to 32 to 77).

To Your Success!