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Looking for some advice on how to approach a multi-family purchase in NYC. Parties involved:
-Myself: $160k income, $50k to put down, credit score 720
-Business partner: Not a US resident. Ability to put down $800k range
-Our C corp: We have a company generating about $350k/month for approx. 4mm annually.
We are looking at multifamily townhouses. Price range $2-3mm. Idea would be one floor for myself (living in full time) another floor for him when he's in town visiting.
We originally looking into mixed use buildings, with the hope of renting the commercial space out to the company to help cover monthly expenses. However we are now looking at multi-families as they are bit cheaper.
I understand that since its a multi-family, we would need to secure traditional lending. With my current cash avail for downpayment I would not be able to secure enough lending on my own.
Looking for any advice on how to go about structuring this purchase.Is it even possible?
Thank you in advance!