Multifamily Financing Tips

[Carmen Alexe]

No doubt Apartment buildings are hot today!  Every day I get emails from those who are exploring such avenue. But there is a major difference between being a real investor and a "wanna be" investor.  Based on my experience I learned that just about for every one real investor there are 99 "wanna-be's".  In my short article below I explain what real Investors know and how the rest can learn what it takes to be a real investor.  If interested, please take a moment to read it.

http://needamortgageloan.wordpress.com/2012/01/17/multifamily-finan...

[Richard Norton]

Real investors are the ones who write the checks period...

Not terminally uniformed seminar graduates who are taught a bunch of voodoo by  hucksters pretending to be the real deal...

here's how the conversation begins and ends...

ring ring... Hi my name is Johnny Real Estate...I'm a real estate investor and I want you to give me 100% financing for a 100 million dollar apartment complex...

"Me" well Johnny, that's very interesting. I work with Real estate investors all the time so I'm delighted that you called.

Let me ask how much of your own money do you have to put into this project?...

Johnny RE " ( sounding a bit defensive) well none...this is commercial real estate...

"Me" Ok, well let me ask you this, how many of these type of projects have you gotten funded lately?

"Johnny RE"  I don't have to answer that...it's none of your business...

"Me" Ok, let me get this straight...you have no equity to put in this deal and no experience with this type of asset is that about the size of it?

"Johnny RE" you lenders are all the same...nothing but thieves...

"Me" and you Johnny are no real estate investor...thanks for wasting both of our time today and thanks for playing...Bye...

You can't fake it til you make it kids...as a private lender you will lose all credibility with me when you represent that you are an investor when in reality you are just a poorly educated middle man hoping for one big score so you can retire...

Moral of the story... learn to tell the truth and learn how to ask for large sums of money intelligently or risk losing all credibility you may have established...

God I love this business...

Cheers

P.S. Johnny's wife left him shortly thereafter because she got fed with being married to such a delusional man...

[Carmen Alexe]

Yes, yes, and yes ;-)

[Carmen Alexe]

Glad to hear I put a smile on your face, Alan;-)