This was a father ,mother & son that were referred to us from a long time realtor friend. The clients were in a 1031 exchange and were new to the Multifamily real estate market and it took sometime for them getting into a property that met their expectations. It can be just as rewarding when working with first time investors versus your savy investor. Great family.
We had several challenges from the property being located in a non-core market, small loan amount, and the investors didn't live in the market area ,which caused some concerns on how the property was going to be managed.
A strength to the transaction was the Low Leverage which helped when identifying a lender that would lend in this non- core market area and for a small loan. We were successful in satisfying the management concerns with the borrowers hiring a property management company that was experienced in the market. It was a lot of work for such a small deal but it was great to be able help out this family that was referred to us.