Second Multifamily financing, Massachusetts
Hi, Everyone I’m new here to BP. I’m 23 and just bought my first 3 family unit in Fall River, MA. 2 months ago. My goal is to replace as much of my income as possible with passive income.
The property is cash flow positive.
The mortgage on the property is $1303 with taxes and insurance.
The property has three 2br units and the rents are as follows with tenants paying all utilities but water :
Unit 1: 800
Unit 2: 750
Unit 3: 650
(Unit 3 is mine and a room is rented out to a friend)
I haven’t received my first water and electric bill for the house lights but those shouldn’t be too excessive.
I want to start working on putting together a deal for another multifamily with 3-4 units in about a year. Would I be able to use the income from the property I currently have to qualify for a loan in 2019, if it gets claimed on this years taxes even though it was just purchased in the last quarter of the year and then claim the income in 2018.
Also I used a ‘masshousing’ loan to get this property, would I be able to use a fha loan for an owner occupied property the next time around and only put down 5% ?
Last question for when I eventually get into something bigger than 4 units. Are there any banks doing 15% down on commercial properties these days? I thought I saw a post about a national bank that does a while ago but can’t find it. All I’ve come across are requiring 20% down.