We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

It's a great way to talk through your plans and goals for real estate with people that actually understand! 

Quote from @Jimmy Rojas: I live in Arizona and homes here are sky high, youd be lucky to get %6 interest rate, I would be a 1st time home buyer, apart from being 1099 employed would Trumps real estate plans benefit the little guys like me? 

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

Quote from @Dave Chengoue: Quote from @Wale Lawal: @Dave ChengoueIt's great to see your focus on multifamily properties and your clear plan for self-management.

While I currently live outside Portland, OR, I plan to begin investing in Tennessee.

Quote from @Jacob Sherman: Quote from @Kiran Asknani: Hi  All I am new to STR game and am planning to start with investing in Boston area or nearby suburbs as I have spent last 10 years in Boston.

You understand some of the basic concepts, but also have some giant holes in your plan.

I’m planning to do this for 3 multifamily properties all located in MA, each ranging from 2 to 4 units.

Beg family and friends to fund it for you.They "might" do it if they see you've learned a lot and your business plan sounds very solid.How do I know this "might" work?