Took A Small 1st Step
Well I figured if I really want to know "what's it take to get into commercial properties" (I.E Multifamily properties), then who best to tell me what's required than a lender.
I looked through the lenders on this page, granted I only contacted one (I'll contact some more soon), but I just sent them a message and asked them to call me. When they called today, I had a list of questions ready, and learned a lot about "what it's going to take" for me to get my foot in the door.
With my credit score, I didn't qualify (with this particular lender) for an 80% financing loan, but I would have to 75%, the max 2nd mortgage allowed was 20%, which means for me to be able to get my foot in the door I would have to come up with 5%.
To me this was a good learning experience...because well if you read my other posts, 50 million dollar apartment complexes are a goal of mine.
Also I recieved my book "The complete Guide to buying and selling apartment buildings" By Steve Berges
So I'm on my way to owning that 50 million dollar property. (may be a VERY long road)
But the point of this post is...Having a lender call me to ask them questions was just another obvious idea that I never considered (don't know why) to take a step and learn "How am I going to do this"
I think I'm going to talk to a few more so I can have an even better idea as to whats expected.
The thing that made me even more confident was when I told them my credit score (which isn't all that high)...they didn't laugh at me and tell me to call back in 7 years.
Alright just thought I'd share this with everyone
JB
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That's great, you can always see if the owners would hold 5% of that note. Just make sure you still have cash flow, because it sounds like your putting nothing down.
Lance
I'm just learning right now, when I do decide I'm ready, I will have something to put down.
I just had no clue of where to start...now I feel like I at least "stopped rolling" and learned to "crawl" but yes when I am ready to "walk" (Actually make a move) I will be ready with something to put down.
JB
Best wishes JB!!
How's the weather in J'ville I have some family there by the beach.
[addsig]