Investment Multifamily - Second Home

[Michael M.]

Hello,

I am new to the forums. I own a multifamily home (2 family) in the Bronx, NY. I am looking to buy a second multi-family home in the same area. My first home was bought with an FHA mortgage with a low down payment, with the assistance of the CityLift program, which gave me down payment assistance. I am looking to buy another multifamily in the area, and I am wondering how to get another low downpayment loan. Chase, my current mortgage provider, told me that I would need at least 20% down to buy an investment property in the area. Would it be smart to do a HELOC? Or could I find smaller lenders that would allow me to put down a smaller downpayment?

What information should I include in my posts to make it easier to help answer my questions?

Thanks!

Mike in the Bronx

[Dror Shmaya]

hi there

Working in the bronx for 10 years now id be happy to advise on you next purchase.

We own and manage multyfamily as we found it to be the best investment strategy to our share holders.

Please do not hessitate.

D