Qualifying for a Multi-Family Loan

[Mario Gutierrez]

Hello all,

I've been listening to the BP Podcast and want to get some more detail from experienced BP'ers out there regarding loan qualification for a 2-4 multi-family property.  

My experience has been that lenders want you to have 6 months worth of reserves in the bank for the proposed purchase before they will make the loan.  They also want you to have some experience as a landlord.

I haven't heard any discussion on this kind of detail on the podcasts. I always hear guest speakers say, "I bought a duplex as my first investment," but I'm thinking, "How?" They make it sound like it was as easy as qualifying for a loan on a SFH.

So, do lenders have those requirements? Or, do I need to look for a lender that doesn't have them?