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Updated almost 6 years ago,
15 unit student- housing apartment building
Hi BP family,
I'm a residential lender in Atlanta, GA and looking to grow my personal portfolio and expand my creative financing knowledge. Presently, I own my primary and a rental I use for AirBnB in the mountains. In the next two or so months, looking to purchase a new primary and then convert my current to a short term rental. Presently, I'm 28 and aiming to hold 6 properties by 30. I really love AirBnB/short term rental for a number of reasons, but mostly the heart string ones. It makes me feel to have people love my homes.
In reading Brandon's book, particularly following the 10x rule he cites, it's gotten my wheels turning on an apartment building. I've been looking all over, particularly smaller, college towns. I found a 15 unit apartment building in a great, established college town right across the street from downtown and campus. Building was built in 2010 and has a mix of two 4b/4b, four 3b/3b, and nine 2b/2b. Average rent is about $500/room. List price is currently 2.3m, but it's been on and off market for a long time. I'm not absolutely set on this property, but it's gotten my wheels turning and flipping from "I wish I could buy something like this" to "HOW can I buy something like this." Since I've been in the Conforming loan world my whole life, financing 15 units is a new brain exercise for me. Now, I just wish my huge multi units were closer to 300-600k like in his book.. that kind of money I know I could figure out. 2m, on the other hand..
Will a HML even entertain talking to me about what it requires to look at financing this? Do you automatically think about resources I should be studying?