All Forum Posts by: Leo B.

@Joel Owens Thank you Joel for the comprehensive and insightful response.  It's making me rethink how I would like to allocate my funds and investments.  Ultimately, I want to make sure I invest in something that has a good balance between return and risk.

I would like to understand what you mean by a property that "does not simple have enough units to run remotely."  If a property is 30 units versus 300 units, I'm assuming the property maintenance and tenant pool be a function of the area and property management in place.  I would also perform an inspection of the property to confirm the condition and any deferred maintenance issues that may come up.

I've been looking for owner-financed multifamily properties but I have yet to find any of these.  Are you finding many deals like this?

I haven't looked into retail properties, strip malls, and office buildings so don't have any basis for comparison with multifamily properties. Generally speaking, are the CAP rates lower, higher or the same when compared to multifamilies? Are the commercial financing terms and rates also similar?

Thank you,

-Leo

I've reached out to each of you via email.  Thank you.

Hello-

I've been looking at multifamily properties (5+ units) priced between $200K and $1M but it's been difficult finding lenders willing to loan to these amounts.  I've contacted a number of local banks and credit unions in the areas I'm looking at (IN, OH, TN, KY), however they are only willing to lend to borrowers residing in that state and I'm from CA.  Does anyone have any good lender or mortgage broker contacts for these types of loans?

Thanks,

-Leo

@Harry Zhou Yes, PM me for contact info.

@Darryl Dahlen thanks for your input. What kind of terms are you running into with 10% seller carry?

Hi Neomi-

Please PM the addresses.

Thank you,

Leo

Hi All-

I'm looking into purchasing a mid-sized apartment and in the middle of researching financing for these types of deals. Ideally, I would like to leverage my down payment as much as possible. Hence, I will be considering seller carrybacks whenever possible. For those who have purchased apartments with seller carryback, what types of loan terms were you offered? Also, what are the requirements for the borrower? I have an LLC that I would like to title the property to.

• Amortization term (ie. 30 year, 25 year, etc)?
• Balloon term?
• Interest rate?
• Origination fee?
• Min. credit score?
• Reserve amount?
• Down payment?
• Assets?
• DSCR?

My basic apartment parameters are below:

• Mid-sized apartment complex (30 to 60 units)
• Performing building
• Looking for minor value adds
• Purchase price up to $1.5M
• Midwest (IN, OH, MO)

Thanks in advance for the replies.

@Brandon M. please send financials to my email address in my profile. Thank you, Leo 

Hi @Gabriel Garcia-Ortiz  Please PM me the addresses.

Thanks,

-Leo

@Kortez Walker email me as well. Interested to hear what you have. My email address is in my profile. Thanks.