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Updated over 10 years ago, 04/16/2014
Multifamily Financing Frequency Question
Hello,
New investor wannabe here. I am still deciding whether I should do a flip first or buy a multifamily rental.
If I decide to go the multifamily way, but not live in it, I realize that I'll need a conventional with 20% down, which I would be able to put down.
What I'm a little worried about, is how soon after buying that first one, would I be able to seek another conventional loan for the next multifamily?
Since I put 20% on the first one, would I be able to use that as equity to get the next home, and then the equity on that one for the third? Also, how about the net rental income from that first one towards my overall income?
Is it true that banks want two years of rental experience in order for them to acknowledge the rental income that I'd have coming in from the first home? In that case, could I just use the equity?
So many questions...
Thanks in advance!
Konrad