mortgage options for larger multifamily unit

[Harold Leanos]

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.

[Andrew Johnson]

Harold Leanos Have you tried community banks? They might not require the "standard" 20%-25% down but they could be more stringent when it comes to the property cash-flowing as-is, you cash-flowing, etc. You will probably end up with a 20 year amortization and a 5-year balloon style mortgage but flexibility could be there. Not to mention they'll hold the note and you'll likely have to sign-up for a full-recourse loan (ie the property doesn't quite "stand on its own"). Don't know if that helps!