North Metro ATL Area Financing for Multi-Family

North Metro ATL Area Financing for Multi-Family

Nurse Anesthetist · Cumming, GA · Member since 2015 · 10 posts · 1 vote

Hello All!

New to the game, and really trying to get my feet wet without getting in over my head!

I'm looking at a couple of multi-family properties (4-plex, and 5 homes on acreage). I don't really have the  20% down payment that conventional mortgages would require. I'd like to get into one of these properties, and in my best estimation, the numbers work out, even at 100% financing.  I've asked about seller financing any portion, but have not heard back.

I'm looking for advice/guidance/information on possible options for getting into these properties.  And since I'm new to this, I'm wide open to any suggestions on how to evaluate multi-families and on how to do business in general.

Thanks to any/all who help!

DB

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  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    10y

    @Darryl Blalock

    You can purchase the four plex with FHA Financing and owner occupy the property - putting down just 3.5%.

  • Cumming, GA · Member since 2015 · 38 posts · 3 votes
    10y

    FHA is good idea. You can also look into USDA loan. If it falls in USDA 100% approved area. That would be mostly north cumming area.

  • Nurse Anesthetist · Cumming, GA · Member since 2015 · 10 posts · 1 vote
    10y

    Thanks for the guidance! No plans to owner-occupy, so that eliminates a really good option. Didn't consider USDA-I'll look into that. 

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