Financing My First Multifamily

[Stephanie Soltero]

Hey guys!

I'm looking to buy my first property. I'm looking for a duplex to a 4-plex. I spoke with a loan officer and they said I can get up to a 300k loan. Since this is going to be an investment property that means up to a 100k DP, I'm not stoked on putting up to that much down. On the other hand, I could do the FHA but I would have to occupy the residence which I'm also not interested in (but would be willing to do if there aren't any other options). I was thinking of looking elsewhere where prices are much less, though it would still be quite a large DP, and I don't feel comfortable buying properties I cannot physically visit as it's my first time.

My question is, are there any other financing possibilities where I won't have to put so much of my own money in? I'd feel stuck with so much capital in one property. What are the pros/cons of such a large DP? 

How did you all fund your first deals?

[Dante Pirouz]

@Upen Patel is absolutely right!! You need to have the extra equity available to make the 60-75% LTV requirement for a refinance.