I am somewhat of a seasoned investor but my portfolio recently shrunk to zero and I am looking to grow my portfolio once again.
Backstory:
I had a number of recently renovated cash flowing properties that were 100% paid off, I had the opportunity to trade those for a lump sum of cash and an equity stake in a company as well as monthly dividends. The lump sum was used to pay off some student loans and facilitate a move to nicer home. My equity stake is now worth over 7 figures, but I cannot cash out until I get bought out or the company sells. The company I now have a position in also deals with construction and real estate investment.
I was not planning on investing in more real estate anytime soon however 2 multifamily deals have kind of fallen in my lap. They are off market deals where the owner has approached me directly. I have crunched the numbers over and over and they are just too good to pass up - somewhere in the 30-40% Cap rate range. No they are not in the ghetto, yes they do need work and those numbers are after construction, vacancies, and expenses are factored in. The company I am with now owns the apartment building across the street, I was on the job site one day and the owner of the building across the street approached me and asked if I was interested.
I have some cash but certainly not enough to qualify for a commercial loan requiring 20-25% down.
I am leaning towards using OPM and refinancing once renovated and collecting optimal rents.
What I am struggling with is finding the best lender to partner with. You do a Google search or look on any of the social media platforms and see 100 people trying to sell you a get rich quick real estate investing strategy or whatever it may be.
I guess the short of it is how do I sift out all the BS and find the best person/company to partner with? Does anyone have experience with using any particular OPM lender?
I am leaning towards the BRRRR method on these. Additionally, credit score is not an issue, so I should qualify for the best rates regardless.
Thanks!
