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Updated over 10 years ago,
Getting a loan for first multifamily investment property
Ok here's my situation, I am 24 years old living in Alaska. A couple months ago I used the money I got from an inheritance to buy my first condo cash outright for about 120k. Now I am interested in eventually renting it out and buying a multifamily property to live in and rent out remaining unit(s). I was just wondering if you guys think it will be difficult for someone like me to get a decent mortgage loan for something like that. As I stated above I am only 24 years old and don't have a very good credit score (660). I have a pretty well paying job and could probably save up some for a down payment. I figure I would need at least 300k to get the type of property I'm looking for in my area. What do you guys think my options are? How much would I need to save for down payment? What kind of interest rates am I looking at? Will the fact that I own property outright already help me? Thanks in advance for any insight I am very new to all this. Nate