Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 8 months ago on . Most recent reply

User Stats

1
Posts
2
Votes
Quynh Tran
2
Votes |
1
Posts

Loan Type for 6 plex-building

Quynh Tran
Posted

Hello, I am new here. I am looking at a a 6 plex around 1.1M. I want to know what kind of loan I should go for assuming everything is check out. I have enough to put 20-30% as a down payment with ~800 credit score. I called couple Fannie Mae direct partners, and they said they can only do 1M loan at the minimum for multifamily loan. TIA

Most Popular Reply

User Stats

7,684
Posts
9,562
Votes
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
9,562
Votes |
7,684
Posts
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied

Obviously anyone who said great deal or sounds like a great didn’t read your post. They have no idea where the property is, how much rent it’s bringing in, or what it’s worth. It could be in a small town in the Midwest and only worth $400k or NYC and be worth multiple millions. 

Does it being in $11,000/mo for the 1% rule?

Does it being in at least $7,200/mo in rent to cover 1.2% DSCR loan if you put $275k down and the insurance/property taxes/utilities are under $500/mo? If so that would give you about an 5%COC and a 8% total return. So that would be my BARE minimum. (Increase the minimum rental income by 110% of the amount the taxes/insurance/utilities are over $500.)

Loading replies...