Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

1,034
Posts
755
Votes
Justin Goodin
  • Investor
  • Indianapolis, IN
755
Votes |
1,034
Posts

Buying first multifamily property-where are you finding financing

Justin Goodin
  • Investor
  • Indianapolis, IN
Posted

Can anyone share their experience of when they bought their first apartment building? What bank did you go to? What was the process and requirements like.? Did you have all of your financing options in order before you started looking for deals?

Did you raise money to cover the down payment? Are there options to buy a property with a smaller down payment? Looking to buy in Indiana.

My criteria

10-40 units

$600k-$1.5M

Light to medium renovations 

Most Popular Reply

User Stats

863
Posts
554
Votes
Jake S.
  • Rental Property Investor
  • Minnesota
554
Votes |
863
Posts
Jake S.
  • Rental Property Investor
  • Minnesota
Replied

Hey @Justin Goodin My first apartment deal on a smaller property I just used my local community bank that I have a relationship with. However, my next deal, I added a commercial mortgage broker to my team and he now goes and gets a bunch of quotes for me.

It's always good to get things set up prior to looking for deals, as you can be a bit more confident on what you can go after and if you are given the "green light" from the lender.

Yes, I raise money from those in my network who just want to passively invest and those who trust me to not only get a solid return, but to protect and multiply their capital.

Loading replies...