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Forums » Buying Real Estate » Com loan VS Res loan

Com loan VS Res loan Subscribe to Com loan VS Res loan

7 posts by 4 users

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John Nail


Forum_avatar_avatar-jinhouzi

Icon_minipost Nov 03 '09, 01:08 AM

From my understanding, a com loan is used with 5 units or more, but at what percentage would the bank need or require for down payment? I see a 35 Unit in my area but only have 2k on hand.

Edited: 06/26/2010 at 10:21AM


Jon Klaus

Real Estate Investor · Dallas, Texas


Forum_avatar_avatar-jonk
DonorPro Basic

Icon_minipost Nov 03 '09, 01:16 AM

A very simplistic answer is 25-35% down. A couple of years ago it was 10-20%. There are ways to get it down, like seller financing, but you probably can't do a commercial deal with $2K.

Edited: 06/26/2010 at 10:21AM


John Nail


Forum_avatar_avatar-jinhouzi

Icon_minipost Nov 03 '09, 01:56 AM

Nothing like dreaming big, eh? What about lease to own and being an O.O.

Edited: 06/26/2010 at 10:22AM


Jon Klaus

Real Estate Investor · Dallas, Texas


Forum_avatar_avatar-jonk
DonorPro Basic

Icon_minipost Nov 03 '09, 03:43 AM

Do dream big! And start with steps that will propel you forward in the direction of your dreams. Yes, if you don't own a home, now would be a great time to buy one. Or a duplex. Get yourself a 5% fixed FHA mortgage with very little down. Save, save, save your money and build, build, build your credit.

Edited: 06/26/2010 at 10:22AM


Jesse R

Rehabber · El Paso, Texas


Forum_avatar_avatar-ipersevere

Icon_minipost Nov 03 '09, 04:06 AM

I agree 100% with Jon.
Success in the business isn't going to happen overnight. It's takes time, diligence, and hard work to get where you want to be.
Good luck and go get em.

Edited: 06/26/2010 at 10:22AM


John Nail


Forum_avatar_avatar-jinhouzi

Icon_minipost Nov 03 '09, 05:34 AM

Just coming out of a chapter 7 last year I at least know that I will need to wait about another 2 years before I can really can do anything. But what do you recommend to build credit back up, any books you can point me into the right direction? I've been able to get an un-secured credit card and a car loan so that is a start.

I was thinking about dumping about $100 a month into my companies 401K (they will match it anyway) and after 2 years take a loan against it for a down payment, maybe, or is that a bad move to borrow against it?

Edited: 06/26/2010 at 10:22AM


Steve Smithy


Forum_avatar_avatar-bostonarea

Icon_minipost Nov 06 '09, 02:50 AM

Originally posted by John Nail

I was thinking about dumping about $100 a month into my companies 401K (they will match it anyway) and after 2 years take a loan against it for a down payment, maybe, or is that a bad move to borrow against it?


Whatever percentage they will match, be sure to put into your 401k!!! That's free money right there!

I can't get a commercial loan even though I have 100% down, because my corp hasn't been around long enough! So I want to give them the 25% down to buy places but banks won't lend to me, so now I am looking for cash-only deals.

Edited: 06/26/2010 at 10:25AM


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