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Updated almost 4 years ago,
Best way to finance for apartment building
I have been lurking here a while and have finally decided to look into multi family real estate investing.
What is the best way to finance an multi family property? my financial situation is as follows:
own one single family rental worth 1M with no mortgage
current house is worth 2M but with a mortgage of 750k (4100 monthly mortgage), equity line of 400k with nothing drawn. The equity line limit could not be increased because of my income limit.
I don’t have much savings as most of the money is tied in retirement. I can however borrow from family 300-400k if needed.
Can I use my rental property to some how leverage and finance another multi family property? How much can I afford, if any, in terms of an multi family property?
Thank you.