How to finance an apartment building
Hello BP community,
I'm working on setting up a 5 - 8 year real estate plan for myself. That means I want to focuse the next 5 to 8 years acquiring real estate. It's a loose goal but I like structure too.
I've been successful with some single family flips but they are hard to come by (much less predictable in availability and actually beating out other investors) so I am considering some longer term real estate investing. Townhouses seem like a good idea and I have some $$ to be able to jump on a few and really get that ball rolling. But, I'm wondering if an apartment building isn't a better plan. My initial question is -what pecentage down would a mortgage lender or bank require for an apt. building? Rather than distribute my $$ over several townhouse purchases, maybe I could get a small apartment building. 10 units?
Thanks in advance for any feedback!
Cudos to the BP podcasts too.
Matt