All Forum Posts by: Stephen D.

@Percy N. I’m looking to get started in my city. Melbourne fl in which I know the market really well. I also have the submarket narrowed down. I’m looking to get into a 30+ unit. I’m interested in being the eyes and ears as I would be local. I also have some light construction background, painting, drywall, flooring ect. Which would be ideal for a value add. The market I’m interested in is a great market. Do you have any connections with potential partners?

Hi all, I have been doing a lot of research on multifamily investing and underwriting deals for almost a year now. I’m trying to find my way on how to acquire my first deal. My problem is no money and no track record. I’ve been told that if a deal is attractive enough and has had about 5 years or more of 90 percent occupancy a bank would consider lending. I’m looking to acquire my first deal in my area which I’m very familiar in. I have been attending local REIAs but no one seems to show interest in large multifamily and there are no multifamily investment meet ups in my area. My main issue is finding private money for the down payment. Would it be worth trying to use a hard lender? Would they even lend me anything?

I’m trying to syndicate a deal since I have no money of my own yet. The goal is to syndicate a 30+ unit deal with private money, approximately about 1m for the down. If were to get this funded with private money, what would you say would be the ideal rate of return for the investors from 3- 10 private investors. How can I entice the investors?

I’m looking to get started in multi family property and I’m trying to start in my city. I have some money to put down but not quite enough. I have no experience in real estate and I’m not interested in single family. I was watching a video from commercial real estate investing advisors and they mentioned how no experience is necessary to qualify for a loan if you live local to the property you’re trying to purchase. Is this true? If so does this work with a hard money lender as well?

Thanks. So basically I would need to start with a partner that has done a deal or a maybe a 4 unit if going in alone?

I’ve been doing a lot of reading and research about how to get your first multi unit property, and I’ve been hearing different strategies as to acquiring your first deal. Mainly if you don’t have the down payment for 20+ unit, you would syndicate a deal, but with no track record it would be hard to convince investors. So I was wondering what are the chances of getting a hard money loan for the down payment on the right deal without experience.