How do I get started buying multi-unit properties? My preference to start are buying properties that require:
- require no or little renovation
- Occupied
I’ll appreciate any suggestions in how to go about obtain state properties as such for sale.
Do you feel you need more education before you buy a property? Do you want to invest the time and effort to do your own marketing to find deals?
Or maybe you just need a realtor who specializes in multi-unit properties. It sounds like you want a turn-key property. Search listed multi-unit properties and talk with a few realtors who have multi-units for sale… you can find a realtor that way.
I assume you know what you are looking for. If that is so you need to get financing lined up. If you have the money you can buy it. Rule of thumb you need 25% down, you can finance about what your net worth is. That gives you the size of deal you should be looking for.
I don’t understand. If my financing had been limited to my net worth, I would’ve never be able to get financing on anything at the beginning, much less what I’m getting financing for at the moment.
My experience is that financing is based on the performance of the property (5+ units), not on my net worth.
I’ve been able to buy apartments without getting any new financing, much less having my credit checked, or my net worth verified. Of course, I’m not talking about conventional financing, but I get financing nonetheless.
Before you start looking at available multi-unit properties, you should first set some criteria such as deciding how many units you are comfortable managing.
Find a good commercial real estate agent to get started. You can find them on loopnet.com or Marcus and millichap. Good luck.