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Updated over 5 years ago on . Most recent reply
100 Percent financing for Value add Multi-family Property
Hey this is my first post but it wont be my last. I wanted to know is it possible to get 100 percent financed on your first multifamily real estate deal. I have gotten 100 percent financed on other real estate deals. Those were mostly deals under $100K and after I stabilized the properties I sold them. Then I took a break and now I am ready to start purchasing properties again. However instead of fix and flips like I did previously, I want to buy and hold value add multifamily properties. Currently I don't own any properties so this would be my first multifamily deal so to speak. I do have funds that can go to closing cost and lite renovations on these properties. I just want to know before I get started are their any hard money lenders or mortgage companies that are offering 100 percent financing for $300k deals. I am currently looking a potential deals of 15 to 20 units and half of the units are habitable and or occupied. The monthly income is about $6,000 but will increase when other units are leased.
Most Popular Reply
@Tom S. hey Tom I appreciate the info. I have reserves that cover a (decent amount) per unit but I wanted to hold most of that for what ifs. That is why I'm looking for 100%. Worst case scenario I can do 30% but I don't want to. I'm looking for complexes that are value add with at least 50% occupancy but not 100 percent vacant. I am hoping that clean renovations of each unit I can have them available for occupancy in a short amount of time. However this is all theoretical until I find the right property and purchase. I understand that finding the right property is critical.