Graduating analysis paralysis

[JR Mack]

Hello, 

I'm new here. 

I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in. I'm looking at small multifamiles and won't have an issue with capital thankfully.

I am in Arkansas and looking to stay local-ish initially. So any contacts, known meet ups, or especially advice for an initial purchase is greatly appreciated! 

[JR Mack]

Quote from @Jaycee Greene:

Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that). Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi.

 Thank you for the financial breakdown!

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment. Is it for a shorter length term than the normal 30 yr? Or what is the reason?