Buying multifamily properties

[Mulugeta Berhe]

I am looking to buy multifamily properties out of state. I own

SFHs and condos in the SF Bay Area (CA) for the last 10 yrs, but

not 5+ multifamily. Some say prior 5+ ownership is required to get agency

loans. Others have done it without that. If anyone of you can advise, I would appreciate it.

[Shalini Kadaveru]

@Mulugeta Berhe, have you already spoken to a mortgage broker? If not, I would highly recommend you to talk to one. Here is the information that I gathered after speaking with a few mortgage brokers - the agencies (Fannie, Freddie) take into account several factors such a:

1. 1) Min of 1M loan amt
2. 2) Having property manager
3. 3) Experience with investing in rental properties
4. 4) Networth of investors must be greater than the purchase value
5. 5) Boots on the ground

Since you already own rental properties, my hunch is that it will make it easier for you to get an agency loan but speak with a couple of mortgage brokers.