All Forum Posts by: Chad C.

Thanks a bunch Damion! Ill check them out.

Hi BP!

So... I just took my first step in increasing the # of real estate properties that I own by winning a bid for a 6 unit apartment in Ohio. 

I've been searching around and for a commercial loan.... the range that I could find is the following:

20 yr amortization

5 yr balloon

4.5-5.5% APR

20%

Are these the best rates our there?  I was hoping for a 25 yr or maybe even a 30 yr, but they seem to be hard to find for a 6 units apartment/commercial property.

Any suggestions would be greatly appreciated.

Thanks @Mark Nolan @Brian Eastman @ Julian Buick for the help!

You guys definitely have given me something to think about.

Thanks,
Chad

Hi BP!!!

I am interested in getting into real estate and looking at a 6 unit multifamily for $250K.

Before I proceed I was wondering which is the best option:

1) Get a conventional loan with 20-25% down?

2) Get a loan from a Hard Money Lender?

3) Or convert my $250K+ Rollover 401K into a Self Directed IRA to purchase the unit?

Any advice would be greatly appreciated.

Thanks,
Chad