First Multi-Family Question

[Carissa Gulyas]

Hello all,

I'm looking to buy my first 2-4 multi family unit that my family and I will move into one part and rent out the other(s). We already used the FHA option when we purchased our current home 7 years ago, (before getting into investing).

In order to purchase the multi family unit, we would have to sell our home first. What is another way to go about getting a loan with a lower down payment, since we can't use an FHA loan? Do we just ask different banks for a lower down payment, until we find one that will do it?

I'm also analyzing some properties from the "tools" section to see if the investment would be worth it.  We're really looking to have the rents pay for the mortgage and any other expenses that come with it and we can net $400-500 at the end of each month, that would be a bonus, until we get our next multi-unit.

Any info is appreciated!  Thanks so much.

[Jorge P.]

You are right on point!@William read.

My 1st investment property was financed under an FHA loan (3.5%) down. The loan is for "primary residences" keyword Primary- not just for 1st time home buyers. After 2 years I refinanced out of the property and it is fully rented with a 110% Annual ROI. I then used FHA again for my 2nd property. The problem I have is the 2 years You have to wait (too long for me if your trying to grow your port). Now I'm trying to buy all of my investments cash by means of Jvs and partnerships.

Good luck! hope this information help your decision making 🙏🏼

Jorge