My long term rentals are located in SC, also in a city, and they play a big role in the numbers.

I have built up enough savings to purchase a multifamily property with an FHA (3.5% down) loan or Fannie mac (5% down) loan.

I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

We were trying to buy a loan that was in default and the current lender was emotionally attached and has it listed for over $2M when comps are $1.5M. 

We have couple turnkeys, and couple of BRRRs that we did so far (all are single family residential properties with long-term tenants).We are interested in exploring commercial real estate, and wanted to get all of your help in getting started. 

Most min loans amounts are going to be 50-100k, so an issue there.

Owner occupied loans have allowed us to purchase properties in markets with heavy appreciation, and potential for huge rent increases.

Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

If their lease date is far from being over, I suggest letting them know that they have violated lease terms under section x (whatever part of the lease they violated) and that the lease will be terminated in 30 days.

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.