New to Multifamily Loan Qualification

[Chris Ha]

Hi there!

I'm new to multifamily and am looking to understand what sort of loans I will qualify for when trying to purchase a 16+ unit. I understand I'm most likely looking at 25% down with 6 months of PITI reserves.

My current situation:

• I live in LA, currently house hacking
  • I ran my numbers and am planning to sell off everything and rent where I live and own where I rent
• I own 2 single family homes that I'm planning to sell to acquire ~$400k for this multifamily purchase
• I recently purchased 1 duplex
  • I'm assuming this can help season me as a multifamily investor
  • I'm planning to keep to 1031 in the future

My question is: Will I be able to acquire 30 year fixed 5% loans as a first time investor (this is just what I'm seeing for single family homes)?

I found this noting "Time in Business" and "Experience" which I don't really have yet since I just acquired my first duplex and it isn't quite what I'm looking to invest in with 16 units+ (seems like a chicken and the egg problem): https://fitsmallbusiness.com/commercial-real-estate-loans/.

Thank you!