Rental Property Investor · Warner Robins, GA · Member since 2019 · 18 posts · 5 votes
Hello all, I am in the process of purchasing my first multifamily unit which consists of 8 2 bedroom apartments, in which are already rented out. The property is listed for 640,000 which is a bit overpriced so I offered 550,000. I have 30 percent of the purchase price but was looking to see if there are any lenders who would do 20 percent down like a typical single family investment property. If anyone knows a good place for first time commercial investors or who has good rates could you please point me in the right direction. Thanks
Investor · Durham, NC · Member since 2020 · 1k+ posts · 691 votes
5y
@Ethen Royal I'd encourage you to attend a local meetup in your area. The investors you meet there will likely be able to give you a word of mouth referral for a reputable lender!
Investor · New York & TN · Member since 2019 · 325 posts · 219 votes
5y
You shoukd try to get it with as little down cash as possible, that might need to be 25% or 30% though. In most cases, for commercial, I've experienced a minimum of 25% down. I'm getting one in TN for 30% down at this time. But look for credit unions in your area, that coulbd be gpod both for down payment and rate.