The Quest for the Illusive Multi-Family property

I'm on a quest. Not the dragon-slaying type, but so far equally as mythic and frought with difficulties.



I made it my goal at the beginning of the year to purchase a multifamily property, and I'm not talking duplex. I have bigger things in mind.



Problem is, it is now June and I have realized I have wasted half the year on other things that have not realted to that goal. Properties that won't rent, partnership that needs dissolving, job that took too much of my time for not enough reward, kids that need extra attention, the list goes on. Life happens and while I've been working on keeping that together its hard to remember to focus on some of my goals. You can all relate, right? Time to get my rear in gear!



The reasons for wanting a multifamily are pretty obvious, I think. Higher cashflow with less overall maintenance for starters. Who wouldn't want that? Of course, its not easy to find a lender that will lend a million dollars to someone with no job, less than stellar credit, no downpayment, and very little verifyable income. They don't seem to care that the rents coming in are close to twice the expenses and debt service and the building will far exceed paying for itself. No, you need to have "skin in the game" everyone keeps telling me. Even the seller holding a second or getting a private lender to hold a second doesn't help. Come on, don't you see these numbers people???



Well, that leaves me with the same stand by I usually use for single family properties, buying with creative terms like seller financing, and I must say it takes a lot more work to find those particular properties, hence the fact that I am behind in my goal. So far I've come up empty on a property that I like and that I can get good terms on. I'm determined to find one, I'm sure its out there! But in the mean time I'm still calling and sending emails to any commercial lender that I come across that advertises themselves as a non-traditional lender. I've contacted a lot. No luck yet, but they are all nice enough to tell me to give them a call back as soon as I come up with $200,000 cash to put down and they will gladly work with me. Gee, thanks for the help.



I know I'm asking for the moon, but it takes only a few minutes of my time to ask for it and maybe, someday, some brave knight out there will help this fair maiden to lasso the moon AND help me slay this dragon of a goal in one fell swoop. Hey, a girl can dream, right?