Hi, I'm currently under contract to purchase my first rental property, a 6 family in Asbury Park, NJ and I'm trying to secure a loan. Although I've looked (and made lots of offers), I didn't realize that it was a whole different ball game trying to secure a loan for a multi-family vs when I bought a condo as my primary residence.
I was hoping for feedback on the terms below and if they seem reasonable? High level, it's a 15 year at 5.25% and I'm paying a point origination fee but the full loan details are below. It's currently fully rented at $9,007 per month ($108k per year). Taxes are around $13k. The owner estimated the costs, utilities, maintenance, and repairs to be approximately $35k per year as he pays all the utilities for the tenants.
