If you have bought a rental or two, you remember the loan. They pulled your credit and your tax returns, and it is natural to think the next one works the same way. At five units and up, it does not. On 1 to 4 units the lender underwrites you. At five units it becomes a commercial loan, and the building has to carry the debt on its own. They want a DSCR of 1.2 to 1.25, and they re-underwrite the T12 and rent roll with their own expenses instead of the broker's flyer. Miss expenses by $50 a month per unit on a 20 unit building and that is $12,000 a year, about $170,000 of value in a 7% cap rate market. Then they look at you. Many want your net worth roughly equal to the loan. If you are not there yet, that does not have to stop you. Stacy's first partner had the capital and could sign the loan, she had the time, and together they bought two duplexes. Replay is in the classroom: https://www.skool.com/the-first-deal-society/classroom/724478bc?md=6f501ff7745b49e28de676276dc0c9af If a partner is what you are missing, Stacy teaches the joint venture structure live at the free Multifamily Investing Kickstart masterclass on Saturday, October 3rd, 12:00 PM PT / 3:00 PM ET. You find the deal, your partners fund it, and you split the profits. Register here: https://rmfi.academy/apartments/apartment-investing-kickstart

Welcome to the #1 Community for aspiring multifamily investors! 👋 This is where aspiring multifamily investors come to buy their first small multifamily deal (2-20 units). Remote. Without having to quit your job. Without risking everything you've saved. Here's exactly what to do in your first 48 hours. 🎯 STEP 1: Introduce yourself. Head to the Introductions category and create a new post. Tell us: - Where you live - Why you want to invest in small multifamily - Ask a question you (or someone like you) would like answered 🎯 STEP 2: Start the 5 Days to Your First Offer challenge in the Classroom. This is the fastest way to go from researching to actually moving. Five videos, one per day. Day 1 you pick your market. Day 2 you build your team. Day 3 you make your first agent calls, and I give you the exact words. Day 4 you learn to run a deal's numbers in about a minute. Day 5 you write your first offer. Every day ends with something to DO. Included. 🎯 STEP 3: Join us for our LIVE weekly training. Thursday at 2:00 PM Eastern. Find it in the Calendar tab. 20 minutes of small multifamily teaching plus live Q&A. 🎯 STEP 4: Check out the tools in the Resources course. Due diligence checklist, team hiring checklist, market shortlist template, broker outreach script, pipeline tracker, criteria checklist, and the rest. Everything we use when we put a deal together. Free in the Classroom. 🎯 STEP 5: When you're ready to get serious and get accelerate, it's time to move to the Inner Circle. For members done researching and ready to close: The complete First Deal Roadmap Course, weekly office hours, and monthly trainings.Cancel anytime, no contract. --- A few community guidelines. - This is a no-fluff community. Specific over vague. Real numbers over hot takes. - Ask questions. Share wins. Share losses. Help each other. - No guru bashing in posts (we have better things to do). No pitching other programs. No "DM me for opportunities." - The team and I are in here daily. Tag posts you want me to see.

I've been a student for a long time ... maybe it's time to "make a deal" ... :-)

Hey everyone! I was going to be doing the training today at 2p ET since Stacy is traveling. Unfortunately I have come down with something and will not be able to. I promise to make it up to you all!

Hello everyone, just wanted to give an update on my progress. I finally connected with one of the property managers after a lot of phone tag! Got some preliminary info over the phone and she is going to send me a copy of their agreement, fee schedule etc and get me market rents for the property I’m interested in. How is everyone else doing?