All Forum Posts by: Todd Long

@Arlan Potter Hi Arlan, thanks for the info! 

@Dashon Jones 

First off, much continued success to you. I am also from NJ and looking to purchase my first multi-unit property, however I am being told that a minimum down payment of 15% is required when purchasing multi family properties. I see you noted that you put down 3.5% on your first multi-unit property. Perhaps I'm being misinformed. Can you give me some insight into this...it would be greatly appreciated.

Hello All,

I am looking to purchase my first investment rental property in NJ. I am looking at both single and multi unit properties. A friend of mine who is a mortgage consultant, states that a minimum down payment of 15% is necessary for a multi-unit property (not sure if that only applies to NJ or not). He is the only mortgage/loan officer I have spoken with to date. I will definitely seek info/advice from other mortgage advisers but I figured I'd pose the question on BP for further insight. If 15% is not the mandatory minimum down payment, does anyone know any other creative finance options that may be available for purchasing multi-unit properties??

I apologize if I left out any pertinent information. I'm new here.

Thanks in advance...!

Hello BP community!

My name is Todd. I work full time as an IT professional in NJ. I've had an overall passion for real estate for quite some time now but have been hesitate to get started investing. After much deliberation over the last several months, I decided 2015 is the year I would hit the ground running. Right now my goal is to own my first rental property in 2015 (either single family or multi). I've done a fair amount of research over the last 8 months or so but I still have a lot to learn. I'm amazed about the abundance of great information on BP. I stumbled upon a video on youtube with Brandon Turner about a month ago and have been a frequent visitor to BP ever since. So I finally decided to sign up and make this official. I'm excited to embark on this journey and hope the BP community can help me along the way!

Thanks for your time...