All Forum Posts by: James Eng

@James Perez

For 50-100 units, I would reach out to Brett Zaitoon at Allied Property Management (http://www.alliedmgmt.com/) or Ryan Wehner at Wehner Multifamily.  If you are looking for over 100 units, Allied and Wehner can do it but I would also reach out to Dawn Waye at City Gate or Craig Lashley at SIMC.

@Danny La

I would reach out to Marcus and Millichap's 75 units and under group.  It is run by Nick Fluellen and Bard Hoover.  They list most of the C properties in your range.

@Jeff Garrett

I am a mortgage broker with Old Capital.  We are based in Dallas and specialize in B&C Multifamily in Texas.  We do 1 our of every 3 B&C multifamily properties in DFW.  Let me know how I can help.  

@Jeff Langham

I live in Frisco and finance about $100,000,000 in multifamily annually with most of it in DFW.  Send me message and we can set up time to talk.

@Todd Dexheimer

I would look at multifamily investment groups that meet monthly or quarterly.  There is a lot of capital in these groups from accredited and sophisticated investors.  In addition, they have already committed to multifamily investing so you don't have to try to convince your friends and family about a new asset class. 

@Mike Dymski Typically Fannie/Freddie want the 2nd lien with the seller paid off.  If you are going to agency debt for a refinance, you should have enough in loan proceeds to pay off the 1st and 2nd mortgage and put some cash in your pocket.  

@Carlo C. In order to get 80% LTV, you need to use a agency lender (Fannie Mae/Freddie Mac) on a acquisition (refinances are limited to 75% LTV). You will need to find an apartment property with the following characteristics: 90% occupied for past 90 days and limited deferred maintenance (less than $5,000/unit). In addition to the property qualifying, the sponsorship group needs to qualify through experience (at least 1 year of prior multifamily ownership experience or Fannie Mae/Freddie Mac experience) and balance sheet (net worth equal to or greater than loan amount and post close liquidity of at least 10% of the loan amount).

Minimum loan amounts for these agency loans are $750K, but lenders typically want them over $1MM.  

I just closed a 80% Loan-to-cost acquisition loan with Fannie Mae yesterday in Beaumont, TX on a multifamily property built in the 60's.  It can be done, just have to know where to go for the loan.

@Brian Adams and @Tom Lafferty are experienced multifamily operators if you need more advice on the operational side of the business.

@Chase Howard

Chase,

Message me as I can connect you with experienced apartment investors.

@Huan Yang

How did you plan on financing the purchase?  Most lenders will want a local property management company since you are out of state.  

I would figure out how much in rehab you need to invest to get the property to market potential.  Then compare purchase price + rehab vs. stabilized value.  If there is enough margin then I would take on the project, if not I would find a more stabilized deal in Texas since you are out of state.   

@Dhruva Patel

My recommendation is to start reaching out to listing brokers who specialize in multifamily properties such as Marcus and Millichap, ARA, CBRE, etc..  Ask to join their mailing list as they send out their new listings every week.

In addition, reach out to multifamily vendors such as lenders, property managers, and attorneys as they have access to off market transactions.