Hello, I am in the Dallas area. I am looking for a referral. I am looking for where to get a mortgage to buy a duplex or multifamily up to a fourplex with the least amount of money down the lowest I got offered was (15% down to buy a duplex). Also possibly looking for a realtor that might know about multifamily in the area, I am looking for something turnkey not interested in fixing.
Do you plan on occupying one of the units? If you do that you might be able to get far lower rates. If not, 15% is the best I've heard of, most lenders want 20-25% on something like that around here. I can put you in contact with a lender I've worked with for a while now. He's a great guy, but I don't know if you'll get anything lower that 15%. Always worth a shot though. Also, I am a realtor in Dallas as well if you want to connect.
@Chimi Changa (nice name by the way) 15% on a "conventional" loan is what you should expect if you are going to live in the property on a duplex. If it's 3-4 units then expect 20% down on a conventional loan. And that is if you live in it. Conventional loans are the loan types with the lowest rate, fixed rate, etc. They have the best terms on the loan itself. A portfolio loan on a duplex, tri-plex, or quad may have a lower down payment but I have not seen a portfolio product on a multi-unit have that. Usually portfolio loans are more flexible on the qualifying part of the loan but they normally require a higher down payment, higher rate, etc. Since there are literally 15,000 banks there could be 1 that has a different approach but I have spoken with many, many banks on this subject and not found any portfolio loan with a lower down payment requirement.
There is a small area in Gunter, that is zoned Multi-family that is still building a few duplexs. Given these are new they are turn key as you wanted, now they are not the rock bottom prices, but they will cash flow and appreciate if the market continues its trend for a while in Colin County.
Here is one for sale, Realtor.com listing, picture below is a similar house built some time ago. This area is building a few more units for investors interesting in cash flowing properties. This area is near the schools, which helps. I do not get any benefit from promoting, just sharing info with fellow investors.
Hello, I am in the Dallas area. I am looking for a referral. I am looking for where to get a mortgage to buy a duplex or multifamily up to a fourplex with the least amount of money down the lowest I got offered was (15% down to buy a duplex). Also possibly looking for a realtor that might know about multifamily in the area, I am looking for something turnkey not interested in fixing.
I have a good lender contact that I used for duplex in Dec if your interested, I got 4.5% 30 years fixed. Send me a message and I can pass along the information.