I currently own and live in my only property and I'm looking for my first multi-family investment property (2-4 units).
At this point I don't have plans to move into the new property, though that could change depending on the property that I find. After some research, it seems that I should be able to find a loan for less than 20-25% down but I'm struggling in finding those loan opportunities. I've been advised to try with credit unions and local, smaller banks but the lowest I've come across is 20%.
If I'm not planning on moving into the property, is there any loan options that I may not be considering?
I'd suggest finding a small community bank, you can probably find a place that will do the 20% down. You could leverage equity in your house to put less actual cash down - but I'd suggest avoiding that. Putting 20% down starts you off with a solid base of equity to build on so you aren't leveraged to the hills.
This post has been removed.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing