I need money for downpayment on a great property in wisconsin.

[Jack Henderson]

Hi there, I have a deal on a 700k multifamily property that I have been in talks with for only 475k.... It doesn't need much but rents do need to be updated. Banks I am talking to need 20% down and I don't have the reserves to fully pursue. Bottom market rents would be 5100, top of market is 6000.... Not much rehab needed for property other than updating appliances and the outside could use a new stain/paint job soon... I have several year's experience managing rentals and It's in a great area and I am open to any ideas! Thank you!

[Jack Henderson]

Quote from @Joe Impagliazzo:

Jack,

unfortunately for you that's not bad, most lenders want 25% down on a property 2-4 units as an investment. If you were going to live in one unit that's a different story, could get away with 5% down. Don't forget the lender will probably also require 6 months of the mortgage payment PITI in reserves.

 unfortunately it's 5 units! otherwise I would house hack this immediately