Presenting and offer for a residential building

[Charles Hayzer]

Hi there, I own a a couple of single family homes. Im now looking into my first multi family building can someone please walk me trough the step my step of the process. here are a few questions that come to mind im sure im missing some so please fill me in...  

1 when giving in my offer that will include financing do i send it pre approval like by a single home?

2 whats the typical time frame, i know my single its 60 days, is this 90 day?

how much % is the typical amount down when signing the contract ?

its in new jersey so i guess i can do the building inspections ones im in contract while under attorney review

whats else and im missing    

Thanks! 

[Mala S.]

@Charles Hayzer What do you mean by multi-family? If you mean a 2 family house, the process and financing is very similar to a single family house. You can put 20% down. If you will be occupying one the units you can do an FHA loan with less % downpayment. Potential rental income is counted towards your income when applying for mortgage (but they may only count 50- 75% of potential rental income). Timelines, inspections, attorney review should all be similar to single family house.

If you get a 3 family house, one difference is that the insurance increases 3x of a single or 2 family house (at least in NJ). Otherwise, still very similar process to single family.

If you mean 20-100 units, well thats a whole other story...