I'm in the process of buying my first multi with a business partner. He's a number cruncher for a real estate investment company so he knows a good deal when he sees it. We have an offer accepted on our first property. We are investing in the Boston area so the down payments are quite big. Generally we are finding out that most lenders want 25% down payment. We probably have enough cash to acquire 2 properties at with 25% down payments. My question is: How will we be able to get financing to acquire more property?
Lender · Syracuse, NY · Member since 2016 · 165 posts · 92 votes
9y
Michael,
25% is pretty standard unless you have 800ish FICO and a solid personal financial statement then you might find 15-20%. The only 10% down deals we do are for short term bridges/fix n flips and generally have a 13 month term and sky high rates (9-12%). Good luck on your first purchase!