Wanting to buy 1st apartment complex , important questions!

[Christian Mercado]

Hello,

My partner and I are looking to buy our first complex. Have a few questions.

I have established a relationship with my bank and spoken to them about my goals of purchasing the apartment and they are open to it. 

1. I've reached out to brokers on a few listed complexes. I've noticed some have financials available on their site and some don't. I've noticed some are very open to sharing those and others wants an LOI. Are there any formalities here? Must I send an LOI before I can have the financials to even analyze the deal ? You'd think to not waste anyone's time they freely give those up.

2. I will not be syndicating, but would my complex purchase fall under Strict SEC rules the same as a syndication? I have 2 investors that have been private money for us before on residential,  can they be the down payment if the bank finances the loan and simple as that ? Rehab and refi after a couple years and pay everyone off? 

3. What’s the best way to find deals, are listings and loopnet the stuff everyone passes up ? I’ve heard pocket lists and trying to find the mom and pop owners. 

4.  What’s the best way to find an areas market cap rate in order to make sure the asking price is aligned? I’ve found brokers don’t easily give that info away either 

5. Is it normal for commercial property to sit listed for a year plus ? 

Last one.. 

I've noticed that on Commercial MLS listings that Taxes and Insurance are not included in the expenses NOR their Cap rate listed on the MLS. I recently brought this up to a broker that didn't include the 13k taxes into the NOI and drastically lowered the CAP rate in which I thought, this property is too expensive , which is maybe why it's been sitting a year ? Any input there?