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Updated over 7 years ago on . Most recent reply
Experience in Multifamily - Help Needed
Hi BP -
I have quite a few wholesaling deals, but I am fairly new in the multifamily world. I am trying to syndicate my deals. The dilemma I am facing is this: Most of the lenders I have spoken to requires me to have multifamily EXPERIENCE in order to even qualify for the loan. I can meet their net worth and liquidity requirements with my investors with no issues, its just the experience I have trouble covering. Who can I go to help with this? I attended many REI meetups, but yet to find someone with multifamily investments or experience. In fact, the lender has also told me that if I am looking into a 50 unit property, I would need someone with experience in 50 units or more; but not less than 50 units. How can I get around this experience issue? Where else can I turn to? Thanks guys!