where is see a total cluster with Morby students is they are now selling their car's sub too.. can just see it.. sell a car to someone on facebook with the promise they will pay our payments ..

Payment TermsContract Value: $[Insert Amount].Deposit: $[Insert Amount] due before the commencement of work.Payment Schedule: Payments to be made as follows:[Milestone 1 and payment amount].

My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

However, with a SFH you will lower your standards when vacancy arises more than one month as you have no income coming in to male that payment.  

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

A $100-$200k down payment would get you a decent multifamily property, possibly with land depending on where you look. 

Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years).