Updated almost 3 years ago on . Most recent reply
Financing options for 2nd multi family purchase
Hello All!!
I’m new to the BP community and excited to learn and grow. I own one multi family and want to learn the smartest way to finance my 2nd multi family property. Thank you!!
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#2 Managing Your Property Contributor
- Rental Property Investor
- Durham / Raleigh (Triangle), NC
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#2 Managing Your Property Contributor
- Rental Property Investor
- Durham / Raleigh (Triangle), NC
@Yolanda Kellum - That answer would depend mostly upon YOU and your situation... For example, do you have 20 to 25% to put down? Do you have decent credit and score? Do you have high enough W2 income to offset any debts (DTIR)? Is your existing MF property fully rented with positive monthly cash-flow? Does your tax return show income/profit? Do you have reserves? Are you a veteran? Do you have access to private lender funds? Is the property you seek to purchase turnkey or will it require rehab - and if the latter, would it be considered habitable in its current condition? I could go on - as each of these questions (and several others) would all factor into the answer(s) to your question.
- Jonathan Taylor Smith
