#AskBP - step by step ways to buying this 10 unit

1 Reply

​Hello, Can someone explain to me the process and creative ways I can go about getting a 10 units similar to this one ( see below) Just a little history on me.... My girlfriend and I recent bought a nice 4 family in the NJ area, but we both have aspirations to slowly graduate grow from 4 units to 8 to 10, 20 etc etc. I found this post on line and would like your feed back on a step by step way to finance something like this. Right now we cannot afford it but I feel like there is always a way to aquire something like with little money. Am I wrong please explain step by step and different options. I wish I can send the pics but the app isn't allowing me to add pics to the forum. If possible can this be a topic on the #askBP podcast! Thanks! FOR SALE NEWTON MANOR 10 UNIT MULTI FAMILY APARTMENT BUILDING 50 SWARTSWOOD ROAD, NEWTON, NJ OFFERED AT: $990,000.00

A 10 unit would be a commercial property and that usually requires at least a 25% down payment.

What you need is another investor to help you with a down payment.  I don't think any bank is going to give you an almost 1 million dollar loan with no money down.  If you had a million in assets and 6 months of reserves they might be able to do something.

If I were you I would keep buying those smaller multifamily and once you have a few more you should be able to find a bank to do portfolio lending.

You can always do an exchange later on and sell those smaller properties to trade up for a bigger property.

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