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Updated almost 7 years ago, 02/03/2018

User Stats

40
Posts
13
Votes
Lionel Henderson
  • Los Angeles, CA
13
Votes |
40
Posts

Transitioning from Residential to Apartments

Lionel Henderson
  • Los Angeles, CA
Posted

Hello All,

I currently own a 6,000 square foot triplex in Los Angeles, California that I am doing Airbnb on two of the units and renting one. I have been cash-flowing very well for the past few months but prior to buying I was very interested in owning Apartments. I went ahead with the triplex because I though it would be good to get my "feet wet". However NOW my interest in Apartments is back and I've been looking at a few deals in Long Beach, California. I want to pick all of your great apartment investors brains as to how to approach now my first Apartment deal. 

First off I don't have a huge portfolio yet obviously so I'm curious how do I approach the banks? 

Do I need to go into my first deal with someone who currently has apartments?

Also I have been meeting with some local investors who are interested but will that be enough to to get full funding for the deal?

I greatly appreciate your guidance on this and any strategies you have to go step by step closing my first apartment deal would be great!

thank again

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