Updated over 5 years ago on . Most recent reply
Advice Please! First Multifamily purchase
I have decided to go for my first multifamily purchase. Considering 2-4 units. I had started this process back in March, but put it on pause. I have now decided to move forward. My questions have to do with funding it.
I am looking to get a cash out refinance for a down payment. I am looking to got $100K, but my monthly payment will go up by about $285 and I don't want it to go up at all. I will then get a 30 year conventional loan to purchase the property. Should I just reduce the amount that I pull out or not get caught up with the $285? Also, what other info do you need, if any to answer my question? Is there something else here I should be more concerned about? Thanks in advance for your feedback.