There are multiple reasons but first let me share what initiated my interest many years ago.
My first exposure to real estate “investing” was a course I purchased on buying houses nothing down. My mentor at the time said…
“I made lots of money with houses but I came to realize that to reach my financial goals, I needed to shift to multifamily. Multifamily provided bigger numbers in a shorter time period. ”
And that is what launched me to begin with multifamily. My first deal was a small apartment. Hence I skipped single family and went straight to multifamily.
What 1 person can do, another can do. And so can you.
So, as my first mentor did, I encourage you to investigate multifamily – for all of the reasons that I will be sharing.
And as you’ll see, you don’t need big cash to do big deals, you can be a syndicator. As the syndicator, you find the deals and you find the money and you reap the rewards as the deal maker.
Lance
3 Responses to What Inspired Me to Multifamily
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I am having difficulty in finding a commercial lender that will work with me. I have found a company that will provide down payment assistance but at a 10% fee. All the brokers I speak to tell me with low credit and a business that does not show large profit yet, will not qualify for a loan to buy multi family. I can find all sorts of deals but having trouble getting first one done. Any suggestions?
Dan if you’ve got the right deal there are a ton of lenders that will fund your commercial deal at 80%. Apartment investing is not like single family where it is solely based on your credit score. If you don’t have the experience then borrow the experience of someone else.
You say that you can find all sorts of deals. My question to you is what are you calling deals? Find a real deal and the money will follow.
Dan,
I know of a few lenders who will do 85% and even up to 90% LTV on affordable multi-family complexes, non-recourse loans where credit is not the issue. Shoot me a message at jerbro@linkline.com.