All Forum Posts by: Brett Sommerfeld

@Jaysen Medhurst @John B. a commercial loan would be an alternative plan in case I would not meet the income requirements. The second mortgage would assist with the down payment to meet the requirement. Would 20% down be relatively normal for commercial? I have seen higher.  I'll look into a bridge loan as this would be a value add but not in that price range. 

thank you both for your responses. 

Hello BP members,

I am looking to purchase a 3-4 unit multifamily in the Eau Claire, WI area. I am considering using a commercial loan to finance. Is there such thing as a piggy back loan or second mortgage in this situation? Both loans would be commercial and this would be combined with my down payment. And suggestions on how feasible this is or what a loan structure would look like are appreciated. 

Thanks Scott!

Thank you Bryan and Andrew. I appreciate it! 

Thank you both. I definitely see the value in this site aside from the podcast! 

Thanks for the great resources Anthony! Best wishes to you as well. 

Hello everyone,

My name is Brett Sommerfeld and I am a new member from Stevens Point, WI. I was introduced to the site through listening to the BP podcast and have been learning a lot through the different guests. I currently do not have any RE investing experience but am learning more everyday. My goal is to educate myself as much as possible and start looking to purchase in 06/2020 Throughout the many podcast episodes I have been trying to piece together what my strategy looks like. At this point I would best summarize it as owning a buy and hold portfolio of small multifamily units using a combination of the BRRRR/House hacking methods. I look forward to discussing the different topics with everyone!

-Brett Sommerfeld