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Updated almost 8 years ago on . Most recent reply
Looking to buy multi-unit apartment advice
I am rather new to real estate investing but feel like I have a good grasp and have found a good deal in my area on a 7-unit apartment building. It is listed at $257,000 but has been on the market for awhile so I now I could talk it down further and appears to be in good condition. I have been in construction and worked on homes all throughout my life and have a good background to help manage the property.
What I would like to know and where I don't have experience is on the financing side, I have read typically 20-25% is required for a down payment on an investment property which I can provide. What I need advice on is what type of loan should I seek out and what is the best option? What are the obstacles with multi unit homes. I am looking to purchase in Upstate New York.
I appreciate any feedback