where to start? - Posted by Phil
Posted by Phil on August 24, 2005 at 21:57:17:
I and a friend/partner are considering buying our own rental property - apartment complex, but we’re not sure where to start. I have 20 years experience managing 600 rentals in 4 apartment complexes and an accounting degree. My business partner and I each have very good credit (730+), but not a bunch of money to put down. I have some, but limited, equity in my home and he has some, but limited, in his rental property. A preliminary search of communities for sale gives us the impression we’re looking at $1-$4 million to purchase. We’re wondering what the chances are of our being able to finance so much with so little down. And where to start looking.
Thanks much for any advice anyone could lend.