Financing Question, How to Get the Other 80%

[Constance Kang]

Hi there, I'm new here; I have been thinking about entering real estate for years, and finally saved enough money to build a portfolio of rentals. I'm interested in multifamily units 5+.

What's the next step after getting leads? 

I have more than enough for 20% down, but trying to buy as many units as possible so I have a tendency towards smaller down payment. I'm financing the other 80%. Since I've never dealt with a bank before, where should I start regarding getting a mortgage?  

The properties I'm looking for are all under 500K, so obviously commercial real estate loan isn't an option.

Do I go to major banks like BOA, Chase, and ask for a personal SF mortgage?

Because I don't really have a job (no W2), I don't know if I could get any money. Plus, I'm still in my early 20s.

The properties I'm interested in have long-term occupancy and positive cash flow after mortgage, could I leverage that information when securing a loan?

In addition, I would prefer purchasing the property under LLC. Would that change how I finance?

Thank you and I look forward to responses!

[Jerry W.]

@Constance Kang, you mention saving the money over the last few years but say you have no job.  Where are you getting money from to save?  If you have no job of any kind, and you have a lot saved up why not buy  one property outright with all cash?  This will give you a single property to deal with for a few months or a year, which will give you needed experience, and when you go in to a bank to refinance the property you will have a year of income to show the property can make it's own payments.  Just my thoughts.  There are quite a few folks here who know a lot more than me about banks, but you will probably need to give them more information to help you.