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Updated almost 4 years ago,
Steps to acquiring our first multi-family/larger commercial site?
Hi all - my wife and I currently have 7 doors. Mix of condos, townhome, and a duplex. We have also completed with a partner at least 3 flips. In the process of putting together a website to better advertise ourselves and our experiences, ideals and goals.
We would like to try and get a larger apartment building as our next investment. We have found a few that peak our interest but we aren't sure if we should first aim small - like a 6unit, or if we should push harder for something like a 32 unit in my wife's hometown. We have at least $100K available in cash right now as well.
What are some first steps we should be doing to reach this goal? Looking for partners or syndicators to help with initial down-payments?
When owning larger buildings with more units, what are the biggest things we need to keep in mind/expect ahead of time?
Lastly, what's the time frame for these larger deals to happen, once financials are organized, from offer to ownership?
Thank you!