Updated over 17 years ago on . Most recent reply
Financing a multi.
I've been getting some great responses here so I thought i'd pose this.
My plan is to buy a mutli-family 4 or less, with #'s that work.
I currently own my own home, have a mortgage out for about 60% of the property.
As I don't have a property lined up, I spoke with my last broker and he stated "you need 25% down" on 3-4 fams and 20% down on 2 fams.
In most cases I'll assume I can take the 20-25% from my home.
Are there any other options open to me. I'd like to avoid putting the collateral on the family home but would do so.
Sorry if its a newb question. Awaiting a book and reading away still. Prices are SLOWLY getting closer to what i'd like.
TIA