Multi Family Unit Down Payment

[Kevin Olson]

I came across a 4 unit property listed at 189,000. It’s under contract but I saw a 7 unit for 555,000. The cap rate is 8.17. What amount down would you say should be ok? I know it’s commercial and banks look at the Rental income. I like this property and want it. What should I do this is my first purchase.

[Matthew Couto]

@Kevin Olson 

Since you are new to this, from what I am reading in your replies, go to a meetup or a local REI group in your area, find a mentor you click with and you can learn a lot from them.

I haven't seen a bank do anything for less than 20% down, most I've seen is 25%. but don't forget your closing cost's! Now lets say if you were to "live" in the property for a year or 2? might get into it for around 5-10% a lady I know just bought a 3unit for 3.5% down.. 

Good luck