Hello everyone this is my first post!!!
I am interested in purchasing of multi unit property. I own a few single unit home, which are paid off. Valued about 300k I want to understand how to purchase multi unit property and what I should do about the single units sale them or rent them or take loan out against them and how is the best process.
it depends on what YOU want to do. It depends on whether you are making money on these paid off Single Family Homes. Do YOU want to continue owning them in addition to buying a multi family? Have you spoken to your accountant about what he advises?
There is no information here. All we know is you own 3 houses that are worth $300,000. What is yur income from these 3 houses? There is nothing anyone can tell you because We know nothing about the Dollars and cents so we can advise nothing.
Do you have the down payment for a Multi Family or do you have to finance the single family houses in order to get the down payment?
You have the option of doing a cash out refinance on the SFR properties - up to four based on appraised value if you have owned longer than 6 months. You can use the money to mortgage up to 10 multi-family properties (up to 4 units) with conventional financing.
Jerry what is the requirement and process to take the equity out of the single family home and purchase Multi units. I understand you said I can purchase up to ten, four unit buildings. What happens after that. For example I want to purchase the 11th property.
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