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Updated about 6 years ago, 11/07/2018

User Stats

4
Posts
1
Votes
Tedros Fremichael
  • Realtor
  • Grand Rapids, MI
1
Votes |
4
Posts

What to know before buying a 5+ unit apartment building?

Tedros Fremichael
  • Realtor
  • Grand Rapids, MI
Posted

Hello, I am considering buying a 6 unit apartment building so I'll need a commercial loan and this is my first building. My question to all experienced investors is what should I know when seeking a loan and the process. I am a full time residentail real estate agent and I own a home possibly looking to pull equity from, I have around $50k cash and plan on pulling money from a 401k for a down payment. I also have a co-signer if need be. The building Im looking to acquire makes $6150.00 a month. Just looking for advice and guidance. Thanks 

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