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Updated about 5 years ago on . Most recent reply

User Stats

181
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242
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Nicholas Sheridan, Jr.
  • Investor
  • Denver, CO
242
Votes |
181
Posts

Multifamily Property Downpayment

Nicholas Sheridan, Jr.
  • Investor
  • Denver, CO
Posted

I have taken the BP advice and reached out to 15 lenders (of all different sizes) in hopes of finding one who required a lower <25% down payment on a 2-4 unit property but have had no luck. This is my first property and I would like it to be a multi instead of a SFH. I am short about $10-15k and although I could wait and save up the difference, I would truly like to meet my goal of purchasing the property by the end of next month. 

Most Popular Reply

User Stats

417
Posts
150
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Dan Gamache
  • Lender
  • Boston, MA
150
Votes |
417
Posts
Dan Gamache
  • Lender
  • Boston, MA
Replied

@Nicholas Sheridan, Jr. look for properties that need rehab and use the BRRR method. You can get an initial fix n flip loan with 10% down of total costs (purchase + rehab) as long as you buy it right, you can refi into long term loan once rehab is complete to 75-80% of new appraised value. If you are looking to buy rent ready you need minimum 20% down (assuming this is investment property).

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