Résumé for Multi Family

[Phillip Christie]

Hello, I’m currently in the process of getting a pre-approval to purchase A apartment building. lender is asking for a Resume updated (for experience level). I have no experience with MF properties. I own 1 Single family investment property. Any advice on how and what to include? Thanks 

[Arn Cenedella]

@Phillip Christie

As @Justin Goodin noted, there isn’t really a pre-approval for an apartment building of 5 or more units because it is the building that qualifies not the borrower. The loan is based on the ability of the building to generate enough net operating income to cover the loan payment plus 25%.

That being said, the lender wants to be sure the buyer / borrower has enough experience to properly run the building. If the building is not properly run, net operating income will suffer and that puts the loan payments in jeopardy.

My advice for a lot of reasons - 1) to get financing but even more importantly to run the property properly - is to partner with a more experienced MF owner investor.