For conventional loan and for apartments go Fannie Mae. You will need 30% down, reserves for replacements, prrof of funds in accounts, good credit and an overview of your global cash flow (which you may not have - we can go over global cash flow another time but it is essential today). We are doing deals but they are not easy today.
It will be difficult to get financing for your first deal in today's lending markets. They want to lend to established, experienced investors with an operating history and other assets in the market and lend on strong properties. Again, lots of deals but you must be a strong sponsor.
I agree with below - find a motivated seller with no debt and buy it with seller financing. Get a good, strong property, get seller financing for a few years and refi out after that.
Aug 19, 2009