All Forum Posts by: Kyle Murray
Kyle Murray has started 3 posts and replied 13 times.
Post: How to get a start on multifamily with little money
- Rental Property Investor
- Plainfield, IL
- Posts 14
- Votes 0
Originally posted by @Andrew Kerr:
@Kyle Murray - Buy a new small multifamily as your primary residence every year or two.
You could move out of your 4-plex, and live with family or friends for 6 months. Get the unit you were in rented. Then find a new 4 plex to buy as your new primary residence. You wouldn't need a huge down payment.
If you have a lot of equity in your current property, do a cash out refinance before you move out. Then you have some cash to use as a down payment on a new place.
You can also look at buying a triplex or duplex while still living in the 4 unit, and then move into the new property. The reason I mentioned looking for a triplex or duplex is, that it would be easier to sell to an underwriter that it is an upgrade from your current place.
Most underwriters are not investors and they are paid to be conservative, they wouldn't understand moving from one 4 unit to another unless you had good reason like the new place is 5 minutes from work and right now you leave 45 mins away. Its also easier to sell it as new primary residence if you are currently renting with family or friends.
Post: How to get a start on multifamily with little money
- Rental Property Investor
- Plainfield, IL
- Posts 14
- Votes 0
@Andrew Kerr @thomas s. I just did a cash out refi on my building I owed 150,000 and I cashed out 60,000 my new mortgage is 15 yr fixed 3.5% 210,000 , I used some of the money to fix the building and am currently putting 20,000 down on a single family with my wife the house cost 180,000 . She will be the only one on the house loan as get primary res. I won't be on the loan. I should have pulled more equity out.... My building is appraised at 425,000 ... should I refi again ? I'm trying to by another 4plex for 300,000 ... or should I do a heloc ...I'm trying to get this 4 plz before interest rate rise more..
Post: How to get a start on multifamily with little money
- Rental Property Investor
- Plainfield, IL
- Posts 14
- Votes 0
I currently live In plainfield il, and live in a 4 unit complex i own. I am stuck between a rock and a hard place trying to figure out how i get my next 4 unit without mortgaging out my unit i own now. I am interested in finding ways around traditional financing methods and how i get the financing on a new property with little money down.
I would appreciate any help at all from a seasoned investor. I am 25 years old and trying to pave my way in real estate!! If I can help you to help me I am a team player !! thank you :)