My first apartment bldg - 20-30 units

[Felicia Hamilton]

I’m ready to take the next step, but am unsure how to go about it. I have several rental properties that are doing well. But I want an apt bldg... maybe 30 units? I have good credit, a good W2 income, available cash to contribute to the DP... is there a resource out there that could put me on the right track? I can’t do it alone... would love “best practices” on creating a syndicate (is that even the right word for what I’m looking to do??) I’m open to anywhere in the US. Any “first step” recommendations are appreciated.

[Raymond Temprano]

Hey Felicia,

Glad to see your properties are performing well.  You can find great information in podcasts, particularly The multifamily takeoff and The multifamily legacy podcast, some books would be Financial freedom with real estate investing (Michael Blanc), or Joe Fairless's book as well.  I would recommend partnering with someone who has done this type of deal as there are a lot of unknowns if your not educated.  W2 doesn't matter as this is a commercial property (5 units or more), and goes based on the properties performance as opposed to the buyers income. Lenders will want liquidity of typically 10%.  Net worth needs to be greater than the loan amount. It can include personal residence and other investment properties. Cash equivalent - cash in the bank- needs to be a minimum of 9 months of mortgage payments.  You should find lenders that deal with these types of loans.  You should also look for a good PM as this will be hard to manage alone.  These are just some quick items, I'm sure more people will add to this. If you have any questions or want to network just DM me.