Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Steven Dzuris

Steven Dzuris has started 1 posts and replied 1 times.

Post: Multifamily financing with a partner

Steven DzurisPosted
  • Posts 1
  • Votes 1

I am a new investor and have been following bigger pockets for about a year. I now feel confident with the underwriting after doing 100's of practice listings but confused on the financing. My scope is c+ single family or duplex under 150k to BRRRR. I recently found a duplex in my area and was going to make an offer. I contacted my agent who happened to also be the listing agent and she told me to get a preapproval first before I submitted the offer. I spoke to my local banks lending officer and explained what I wanted to do. I told her upfront I wanted to get a preapproval letter, 30 year term, conventional loan 20% down. I told her I had a partner for the property for this duplex I was looking at but I wanted the mortgage in only one of our names , we would setup a JV for the property. She told me she only will do a 25% 15 year term, conventional, and both of us had to be on the mortgage. I didn't go any further, the property went under contract 2 days later. I was fine with the 25% down but was confused by her only offering 15 year term.

The question I have are:

1. Is it normal for banks to only offer 15 year terms on investment property.

2. Is there a different structure to purchasing an investment property with a partner with one partner getting the financing?

Any help would be appreciated