What’s the best way to approach financing for a first-time investor?

Sometimes, the more old-school approach like posting on local community boards can help you find reliable tenants.

Is it best to approach an architect or a land developer for what I am proposing?

As I approach my move out strategy where I will be converting my upper unit into a STR, I often think of guest interaction amongst the two units.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Currently, we are targeting multifamily properties of 100+ units, and have been actively engaging with various owners and brokers, submitting Letters of Intent (LOIs) and working to secure deals.While some may consider our approach bold for new investors, we are confident that, with the right team and expertise, we can succeed in achieving our objectives.I’m excited to be part of this community and look forward to learning from your collective experience.

What's a good resource or strategy for this approach?

It will be an identical home to the one I’m currently building, and I expect to need no more than $160K in financing.I’m not looking to overextend myself by taking on too much debt, but I want to make sure I’m approaching this in the right way. 

I’m considering countering with a price closer to the market value, but I’m curious how others approach deals like this.Looking forward to hearing your thoughts!

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.