Make sure you have a realtor that can evaluate comps and make sure the numbers work for you.You can always refinance at a later time to remove the PMI, especially if you add value to the property and increase rents.Conventional multifamily will typically require 15-20% down and rates aren’t as competitive as FHA.

Hello Paul,First of all I think the Colorado Springs market is an excellent place to invest, but there is also a lot competition that comes with the territory as an agent.  

Because most lenders will require a minimum DSCR of 1.20x this loan is eligible for competitive financing.For example, NOI of $500,000 with debt service of $400,000 would equate to a DCR of 1.25-to-1

The interest only payments are fully tax deductible in most cases too.More Competitive Rates with Lite Doc Loan Qualification - Many ARMs are lower than Non-QM and Private Money rates right now.

There are some HMLs that will lend against the ARV, and in some cases effectively lend 100%, but as you can imagine, these are few and far between, and usually only in very competitive markets for HM, and of course, they are much more expensive. 

I was sick of losing out on deals for existing buildings, so I opted to by land to build new (less competition) How did you find this deal and how did you negotiate it?

Increased rental competition and letting people who want to rent have better access to SFH is really positive for our economy and society. 

@Bill PlymouthGood points but there is a lot of competition for skilled Realtors—so walk softly and build trust first.

A few months after I got my license my then girlfriend (now wife) and I were able to capitalize on that dream (it was 2008, so we didn't have competition like buyers do now). 

Reach out directly to the seller before they reach out to an agent l, cut out the commission and the competition.