Questions about 1st Miltifamily Purchase

[Cordero Abdullah]

I'm having a bit of trouble with purchasing  my 1st multi family property.  

BACKGROUND: I've connected with brokers and starting to connect with lenders for multi family investing. I've been analyzing deals and I'm looking for 3-10 units for my first investment. 

PROBELM: The banks are looking for 20-30% as down payment, I won't have that much saved up for another year. 

Question: should I continue analyzing deals and making connections? Or should I wait until I have the finances to push a deal through. . I don't want to feel like I'm wasting peoples time when I can't pull the trigger at any given moment? I don't feel the most comfortable seeking outside capital, as I'd like to have some skin in the game and some form of success first. 

any hep with this dilemma would be greatly appreciated! 

[Abel Curiel]

Quote from @Cordero Abdullah:

I'm having a bit of trouble with purchasing  my 1st multi family property.  

BACKGROUND: I've connected with brokers and starting to connect with lenders for multi family investing. I've been analyzing deals and I'm looking for 3-10 units for my first investment. 

PROBELM: The banks are looking for 20-30% as down payment, I won't have that much saved up for another year. 

Question: should I continue analyzing deals and making connections? Or should I wait until I have the finances to push a deal through. . I don't want to feel like I'm wasting peoples time when I can't pull the trigger at any given moment? I don't feel the most comfortable seeking outside capital, as I'd like to have some skin in the game and some form of success first. 

any hep with this dilemma would be greatly appreciated! 

 Hello Cordero!

Agreed with @Account Closed, there are other finance options out there. If you have less skin in the game, they may still be willing to lend depending on the building's current financials or pro-forma. 

You might have a higher interest rate than a conventional 20-30% down loan product. If the deal is good enough, the potentially higher rate could still be worth it.

Regarding seeking outside capital... discomfort is part of the game. If it isn't raising funds, it'll be something else. 

Keep making connections, keep analyzing deals. The pieces will fall into place in due time.

All the best!

Abel