Purchasing my first apartment building (8 units) for under 350k

[Dennis Perry]

Hey Guys,

First Post. I recently got my first investment property (SFH) and I will be wrapping up soon. In the process of finishing, I came across a deal for an 8 unit apartment building for under 350k. At first glance, it seems like a good deal and I want to proceed with investigating further, but I am not exactly sure how. I need advice.

1) Should I start with the lender or the seller?

2) If the seller, should I approach the agent of the seller myself or employ an agent of my own to do so on my behalf?

3) I know what information I would want to know, but what all professional jargon should I be familiar with in requesting all the information so that the seller knows that I am serious? For example, I know I want to see paperwork on inspections, deferred maintenace (if any), and tenant occupancy history. Is there a term or terms that would include all of that and anything else I would need to make a good assessment?

4) In regards to lending, I have noticed some commercial restate loans are targeted at people investing in the millions and have all kinds of requirements like net worth and 10% liquidity post close. This does not seem to be in the same ball park.  Should I expect the same net worth requirements? While liquidity and down payment are not my largest concern, net worth could be a problem as I am just getting started. This is where I need the most guidance.

Thank you in advance to anyone that can help!