How to finance first Multifamily deal?

[Shuvrajit Mukherjee]

I plan to get into Multifamily(12+ units) in Chicago this summer, wanted to sort out my finances accordingly. 
Is it possible to get financing with 10-15% down? I aim to acquire properties with below market rent, with scope of some rehab, like maybe upgrade kitchen appliances, paint cabinets, new lvp flooring etc. 
Is it even possible to find such deals in $800k-1M range in Chicago B/C neighborhoods?

I am a new investor and looking for direction from seasoned investors in the area.

Thanks :)

[Christopher S.]

Hi Shuvajit,

Melanie is absolutely correct that unless you are living there and will qualify for some of the new mortgage products that the Feds just approved you will need a minimum of 25-30% down for the project.

Chicago neighborhoods are unique and have many characteristics that make them special. When you are getting a better idea of neighborhoods, let me know.

I think if that cost range is your expectation you should probably re calibrate the number of units in your building. Especially in the B/C neighborhoods you are going to also need to put in substantial upgrades to get things up to code most likely. You might have an easier time finding the classic Chicago 4-6 flats and starting to learn the unique quirks of dealing with City Hall first before trying to take on a really big property.