2 Fourplexes and 5 Year Balloon
Ok guys here's our current situation.....my partner and I are wanting to buy a couple fourplexes. We are both self employed but show very little on our tax returns. So a 30 year mortgage is going to be out. (We spoke with some lenders today). They did however say we could get a 5 year mortgage with a balloon payment then obviously we make a huge payment, sell, or refinance at the end of 5 years. Just curious what the general consensus is on these?
My second question is we're going to need around 100k for a down payment we've got about half of that between the two of us. I was curious if anyone had a good strategy for raising the rest of the down payment?