“Buying Multifamily Properties”
Hope all is well! I have a question about possibly making a large real estate purchase. I am incredibly frustrated with my job, which I’m attributing to a blessing in disguise, because it’s pushing me to get the lead out and focus on real estate more! I’ve gotten 3 out of 4 properties on the MLS, but I haven’t seen anything that has caught my eye in a while, so I started looking around at multi-families and came across an apartment building. It’s a total of 6 units and going for 675,000. This would definitely be a huge step up from the things I have done this far, but I’m never going to get where I want to be if I don’t do something I’ve never done before. So....my question is, what are my options for buying a property this large? Would I still need the 25% down? Would it be considered a different type of loan, could I use the equity on my other properties towards it? I’m not sure how I can make this work. I also don’t really know how to value this. Houses I’ve become fairly good at, but not anything like this. The only thing I have to compare it to is my multi in Manchester....not sure that would be a fair comparison though. Please let me know what you think when you have a minute! Thanks Joe!
Right now, we have investor loans available for 1 to 4 family properties with 20% down. Someone with half way decent credit will need no reserves if the rent covers the mortgage payment.
Properties that are 5 units and above have totally different requirements and are more difficult to obtain.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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