28% down to but a multifamily?

[Account Closed]

Just talked to a quicken loans guy and he said I would have to have 70k to cover closing costs and the downpayment. I have great credit - 744. Is this typical? What are other ways to purchase a 250k multifamily for investment without having to spend this much?

[Michael Noto]

For a non-owner occupied multi-family purchase I always tell my clients up here in Connecticut to be prepared to put 25% down. That quote is not abnormal at all if you are looking to go the conventional bank financing route.

Owner-occupied multi-families are a completely different story.  I have a client of mine right now who is putting 5% down on his purchase.