what do i have too do in order to buy amultifamily property? i mean in what order should i start ?

I mean what process do i take in order to buy realestate?
In Buying Property - Asked by kenneth w. - Sep 11, 2012
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Answer(s)

David O.
Owner/Investor
Huntington Beach, CA

You should use an experienced agent/broker to guide you through the multi family investment process. There are many questions to be answered before you know what agent might be a good choice for you.
A phone conversation might be a good start and I can point you in the right direction. Here is my email
pref6051@yahoo.com. Let me know if I can help. Good luck. Dave

Sep 12, 2012
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Bobbie L.
Broker/Agent
Houston, TX

I have 20 years+ directly in the multifamily industry. I can only help you buy in Texas at this time, however, I will get you started in the right direction if your buying elsewhere. Please do not try this alone!!!!

Sep 12, 2012
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Jeff R.
Lender/Mortgage Broker
Birmingham, MI

Id start off with the down stroke. If your planning on getting financing, you'll need at least 20 - 25% in cash. So if you have $100k to invest you should look in the $500,000 purchase range.
Best of Luck,
Jeff

Sep 12, 2012
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John B.
Broker/Agent
Las Vegas, NV

Kenneth, when you say "multi-family" are you looking at four-plexes are something bigger?

Sep 12, 2012
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Scott R.
Broker/Agent
Manhattan Beach, CA

Dave,
If we are talking local apartments, which I highly recommend you stay in your backyard for investing, then, 25% is the minimum you need to budget. Second, you need to speak with a commercial lender if you plan to buy 5+ units, or a very skilled residential lender if you are looking for a 2 -4. Long beach could be a great market for cash flow - 5+ units, while Huntington Beach is going to be a safer easier to manage option.
You may contact me if you have any more questions.
Scott

Sep 14, 2012
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Chris R.
Broker/Agent
Denton, TX

Confer with a lender to ascertain to what extent you are qualified to buy and on what terms and how much money you hvae to put into the deal. From there - select a commercial RE broker of your choice to help you find deals in that price range and prepare / submit / negotiate an offer.

Sep 14, 2012
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Stan W.
Owner/Investor
New York, NY

Know your market, but when you say what should you do, start with the knowledge of the financials. Get your financing in order--a good commercial broker can guide you stepping out into the field. Find a seller that has some flexiblity in price, this will be relative to his/her motivations to sell.
It's easier if you have the requisite 20-25% down, however, a seller can help with down, all other thiings being in line relative to the asset itself.

Jan 2, 2013
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