From single family to multifamily

[Walker Irby]

Hello, I'm looking for a little bit of insight. I currently have 3 rentals. 2- townhouses and 1- 4 bedroom SFH. the equity on the 4 bedroom is around 150-160k. and the townhouses are around 55k together. my question is. How are people getting into these 500k+ multifamily deals? especially without being able to increase w2 income very fast? if I cash out refi, I'm wondering how much w2 income does the lender want to see?. would they potentially approve it for some making 60-65k a year? or do I just need to save more, increase my income and wait for the markets to cool down. Any insight on this would be appreciated.

[Glen Wiley]

Questions like this should be posed to an actual lender since the answers will vary across them. They are usually happy to talk about things like this, remember that they are there to write loans, they WANT you to be able to borrow from them.

Don't be distracted by what others are doing or get stressed about keeping up with them. Stretch as far as you are comfortable (maybe a little farther) and be happy to execute YOUR plan. Sometimes you need to pause for a bit and build cash toward your next deal and that is ok - make a game out of it by seeing just how tight you can make things to stash cash up to the next one.