I already have a primary residence that I own but I’m wanting to buy a multi family in the next year, do I have to take out a loan calling it an investment property? Are there ways around that?
Your lender is going to ask you if you're going to live there or not. If not, they'll know it's not a primary residence. It would be unwise (and fraudulent) to be dishonest. Can you live in one of the units for a year? That's typically the maximum that lenders require.
If purchasing 4 units or less you will most likely to be able to get simple residential financing. If you're willing to live in one of the units you can also likely get into it for a lower down payment by qualifying for a FHA loan in the US or a CMHC loan in Canada. Keep in mind these extra fees, plus having a larger principle, will eat into the cash flow.
thank you thats what i figured just trying to find away around 20% down but might just have to wait until i live in my new house for a year then rent it out and move to a multi family