Looking for our first Multifamily

[BJ Grove]

Myself and another investor (has the funds), are looking to purchase our first multifamily in the Central FL/Tampa/Sarasota area. I'm in contact with brokers who are sending me their deals. I have a hard money lined up that will fund 90% including rehab costs. I'm looking at around the $600,000-$800,000 PP. Anybody have any tips or things to look out for? I feel like I've got a handle of what to look for but just looking to hear things that only experience gets you. Any and all comments welcome! Thank you!!

[Jonathan Greene]

I don't think you need to spend that much to find a good multifamily in those areas, but why are you using hard money for long-term investment? Are you planning on doing rehab and then a refi? Why wouldn't you just buy together on a regular mortgage? If you leverage high, with your terms about you look to be at 12-14 pct and 2-3 points on the loan, you are going to get soaked before you refi and if you can't buy now together with a mortgage how are you going to do it in less than year to refi out of the HM loan?