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Updated almost 8 years ago,
mortgage options for larger multifamily unit
I am living in Buffalo NY. I have two existing rental properties and looking to purchase another. I could take out a Home equity loan from one of the properties to purchase the next one, but I would prefer to borrow the money and finance it over a five or ten year period. I have cash I can throw in as well, but would like to let the property stand on its own. The two properties I won now are mortgaged and the house I live in is paid in cash. Are there any solutions to this without having to take out a home equity loan. I want to keep the cash in the bank for future renovations as needed. I haven't had much luck finding a partner to purchase a 4 unit or more multifamily which is what I am looking for on the west side of Buffalo. I have a 3 unit and a two unit which produce $2500 a month in positive cash flow after all my expenses. Trying to see what might be available locally to see how to make this a reality.