what is my first step?
By deandre coleman, Sunday, October 26, 2008.Bookmarking Sites
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have my eye on an apartment building that can be brought creatively with 35% down my credit is not good but the investment will return more than enough to cover loan to debt ratio.I know alot about real estate investing but need capitol to start! Are there any lenders that can suit my situation? Or is there a mentor looking for a apprentice to guide me in the right direction? Ready to go to the next level!!!
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Submitted by Daniel Bretzke on February 13, 2009 - 4:54pm.
Daniel Bretzke AICP
I have bought and managed several apartment buildings. 35% is good down payment, and if it cash flows, that is cash flows with adequate reserves for vacancy, repairs, and management costs you are well on the way of becoming an apartment owner. My questions to you, is have you researched real rental rates for the building and neighborhood, have your looked at vacancy rate in the neighborhood? Is the vacancy rate growing? Are there people moving to the neighborhood? What kind of existing tenants are in the building? A bad tenant mix is expensive to fix in terms of time and potential damage when they move out.
Submitted by Jonathan Hammmon on May 8, 2009 - 5:25pm.
try advertising for a hard money lender. but becareful these are usually costly and short term.