new investor into multifamily investing--looking for experienced investors for advice

[Gomez Agou]

Hello everyone, 

I am a new investor. I bought an apartment in 2019 as a primary residence. Moved out of it since 2021, since I got posted overseas for work. Now I am trying to buy a multi-family home (2-4 units). I got several questions: 

1. Down payment. Everywhere I turn, I am told that need at least 20% and plus as down payment. i wonder whether there is any way to get a lower percentage for the down payment. I can manage to bring 150 K at best. What can I expect for the property price to look for? 

2. Home equity loan. I wanted to use the equity on my apartment to reach my 150 K as downpayment. My mortgage on that apartment is 211K. The apartment is now worth 350 K. A lender told me that I can get 40 K max out of it. I found it low. Am I wrong? 

3. Form for the borrowing. I am still wondering whether I should borrow as an individual or create a LLC (in the making). What would be your advice? My goal here is to max out the loan amount while delinking the loan amount from my income debt ratio. Does it make sense.

4. Location. Though this is a bit of a vague question, I have looking for a place where the market is growing without property price being on the high end. Any good advice there. I am thinking about Michigan or Baltimore or Florida. 

Thanks for your help. I am happy to have a quick chat by email, over the phone or zoom.