My First Deal - Financing Options?

[Jeremiah Green]

Hi BiggerPockets Community! My wife and I have decided that real estate investing is going to be the wealth building avenue for our future. We are ready to purchase a duplex or triplex in the Midwest but need advise on how we should go about it.

Here is our situation. My wife nets $52k as a critical care nurse, I have K1 income of $40k - $50k a year from my window cleaning business. We have no debt, no kids, and rent a condo in Phoenix, AZ. We want to begin purchasing multi family properties in Illinois where we are from. 

Do all banks require 20% down? How do I find a bank that is ready to partner with us to buy multiple properties over the next 10 years? 

[George Skidis]

We meet in Marion, IL about 12 miles from Southern Illinois University, Carbondale. College towns are a good choice. SIU - Carbondale just got rid of the old chancellor for a number of reasons. That may mean an increase in the need for student housing down there in the years ahead. 

With student housing ALWAYS get the parents to fill out a credit app as well. Divorced parents, get the step parents involved. If the parents don't qualify chances are the kid will not qualify. If parents meet the requirements they are co-signers. If they will not co-sign for their offspring that should tell you all you need to know about the kid.

My contact info is below we have realtors and others as members of Illinois REIA.