Newbie advice on financing a medium size multi-family (7 units)

[Brianna Jackson]

So I've been watching a property from a distance (I am not currently in the area) and it has kept my attention. My initial plan was to house hack with my va loan; however, this is looking like a great deal if I could get it for an ideal price (it has been on the market for over 2 mos and I just received word that the condition is considered "poor" as there haven't been any upgrades in a decade and it's looking to be in a B-/C area...so I'm hoping to knock the price down significantly...any advice on this would be appreciated as well!). The snag I'm running into now is that I obviously can't use my va loan because it's more than 4 units (It's actually several units and a house) so now I am moving into the commercial loan play area. Any suggestions on the best way to navigate and finance this deal? I still wouldn't mind house hacking it....but how does that work when it's a commercial size property? Are there any loans where I could claim primary residence (and possibly receive fixer upper funding like a 203k) of a commercial sized property? Any advice would be appreciated :) 

[Andrew Postell]

@Brianna Jackson this property will not be available for any type of "primary home loan". No FHA, VA, USDA, etc. All of those loans are for 1-4 unit properties. For commercial/multi-family lending you might get more of a response in the "Multi-Family" forum....or maybe the "commercial" forums...but those loans are drastically different. You will probably need 20% down at a MINIMUM for those loan types.

As a former Marine, I wish more veterans would use that VA loan for 2-4 unit properties. It's the best loan, no PMI, no downpayment, and in Texas if you are disabled they will even cut your property taxes. There's also Texas Veteran Land Board too. Just brainstorming here. If there's any other questions you have feel free to tag me and I'll answer them right away. Thanks!