Two must do things if looking for multifamily property.

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The last thing you want to do is waste time especially in a market like this.  Here are two simple things to help you locate and purchase that perfect multifamily property regardless of size and price.

 

1-    Understand your current financial ability.  How much money do you have to invest this is not about LTV , rates or money you can raise.  Its about your cold hard cash.  While there are multifamily programs that will go as high 85%  the majority of  lenders are financing around 60%-75%. 

 

This will save you plenty of time by not looking at property out of your price range. 

 

2-    Know your limitations and do not focus on a the spending amount. Multifamily can be from a simple duplex to a 300 unit apartment complex. Even with a management company in place multifamily lenders want to make sure you know what you are doing and experience is a must. Multifamily foreclosures are very high right now because of this over site.

 

  Doing these two simple things before contacting an agent will allow you to paint a clear picture of what you are looking for, saving you time.  If you are looking for financing I can point you in the direction of some direct lenders.

 

Roberto Padilla

916-847-7212

creconnections@gmail.com

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