How to Present a Deal for Financing

[John Lutkenhoff]

I am very new to real estate on my own, but I have been around the residential rental game my whole life since my parents own 19 properties, one of which is commercial. First question is, would apartment buildings be considered commercial or residential to a lender?

My main question is, I've found a great deal on an apartment building with a great cap rate, below market rental rates, 100% occupancy, and an occupant waiting list. Is this worth even going to my bank with, or would it be a wast of time since it's such a large amount of money and my net worth is around $100K? I have so many questions like, how much would I typically have to put down on a deal like this? Being new to the game would I even have a shot at making a deal like this go through? Should I start smaller and work up? Would the bank do it but I would have to come up with 50%, and in that case do I raise that 50% from hard money lenders/private lenders?

I'm very confident that I could handle the outcome if I got the deal, but I'm having trouble thinking that anyone would invest with me being newer and given it's on the larger side of most deals since the acquisition price is around $1.9M.

Any input on this would be much appreciated, thank you in advance.