Trying to close on a property near me and need help!

[James Carter]

I found a deal yesterday and decided to make a move. The property is an 18 unit apartment in Edcouch, TX and listed at $950K. It is currently rented out over 83%. Average rent is 650 per unit. This deal makes a lot of sense to me and I want to close. I reached out to lenders, but I am new to this arena. I have $120k liquid reserves and I have about $100k+ in stocks that could be accessed plus an IRA with some cash in it. I'm a newer investor and do not have experience behind me to close with great deals from lenders. My wife and I have purchased 2 single family homes in the past 5 years which we sold to purchase a four-plex in Edinburg, TX. Our experience is limited, but how do we close this deal?

[Scott Allen]

@James Carter

You'll need to network with commercial lenders in your area for anything that is over 4 units. They'll want to know how you plan to manage it as well. It would help to have more experience but you can't change that right now. Consider taking on a partner that has done more deals and laying out what you want that partnership to look like.