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Updated about 8 years ago on . Most recent reply

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Justin LeGeune
  • Tullahoma, TN
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Buying Apartment complex but no money?!?!?

Justin LeGeune
  • Tullahoma, TN
Posted

Im looking at getting into real estate and purchasing multi-family. found a real good deal for 3.5M - 4M purchase price good income and 92 units but i dont have to 20% bank would want, is there a way to get 100% financing as long as the DSCR is good enough? I dont really wanna get a investor loan for 20% for DP then bank loan for rest - roughly come out to $30k/month with investor getting 25% ROI at least (just a guesstimate) then gotta deal with paying bank and him, rather just have one lender and pay him X for next 15-20 years

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JD Martin
  • Rock Star Extraordinaire
  • Northeast, TN
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JD Martin
  • Rock Star Extraordinaire
  • Northeast, TN
ModeratorReplied

Questions in no particular order:

1 & 2: What kind of experience do you have/how do you know this is a good deal? These questions go together, because, based on your post, it appears you have little to no experience and thus no experience to even begin to know if this is a good deal. 

3. How much money do you have? If the answer is none, you're going to have trouble getting financing for a $10,000 car, much less a $4 million apartment complex.

4. What skills do you bring to the table in operating a 92 unit complex? 

My prediction: you are never going to find anyone who is going to help you finance this, so set your sights lower. Way lower. Like maybe a house hack for starters. 

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Skyline Properties

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