Montgomery, IL · Member since 2018 · 11 posts · 0 votes
I current have a condo that's paid off so have some money to play with. Never purchased multi family unit but want to get more than one! Not sure what kind of loan and how much Is needed. Also looking to see if any wholesale has anything in my area which is western suburbs of Chicago
Investing in multi-units is a great idea in my opinion! How much money you need to put down would be determined by the purchase price, so it is good to get familiar with the market you are looking within to understand when the price makes sense. Talk to @Michael Facchini with Fairway, he can help you figure out numbers if you are looking to use a loan.
I started my portfolio with multi-units in Chicago. Are you looking to owner occupy the property? If so you can qualify for lower down payments and other incentives! :)
If it's your first multi family, you'll want to talk a lender and get an idea for the down payment you'll need. Typically you'll need to make a larger down payment. Congrats on making the jump.
@Alex Rodriguez
I have a 4 unit multi family in DuPage County that will be available soon. Solid path to enter the multi family space. Let me know if interested.