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Updated over 7 years ago,
Getting started in Multi-Family 5+ is difficult
Hello BP family!
So I found a GREAT (in my opinion) smaller apartment complex, however it is on sale for $1.5M+. The most expensive property I've ever purchased is around $500K and it was on a conventional mortgage.
The property meets the 1% rule and based on my calculations would have around a 15-20% total ROI. This property is in a great and appreciating area.
My problem is that I don't have enough for the downpayment and even if I did, I don't have any experience with commercial lenders.
I would go to family, but even they don't have that kind of cash lying around. I do have enough equity in my current properties, but don't want to sell my portfolio for one apartment complex.
Anybody have any experience on creative financing or partnership (with strangers)?