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Financing multi family property
Posted on 7/17/23 at 8:32 am
Posted on 7/17/23 at 8:32 am
I'm looking at adding multi family properties to my portfolio. What's the best way to finance these properties? Just a conventional mortgage? Any type of special government loan programs? I'm new to this so any advice would be helpful.
4
Posted on 7/17/23 at 8:45 am to JL
Investment property conventional loan. Unless you plan to live in one of the units, then you can do primary.
Posted on 7/17/23 at 9:51 am to JL
Depending on size you can do conventional 30 year mortgages but there is a limit to the number you can do.
It would typically be a commercial loan with a balloon maturity and 20 to 30 year amortization.
I am a commercial banker in Baton Rouge.
It would typically be a commercial loan with a balloon maturity and 20 to 30 year amortization.
I am a commercial banker in Baton Rouge.
Posted on 7/17/23 at 11:00 am to JL
Depends on size of MF property.
What size are you looking at?
What size are you looking at?
This post was edited on 7/17/23 at 11:05 am
Posted on 7/17/23 at 11:27 am to b-rab2
Probably 4 units.
Posted on 7/17/23 at 2:14 pm to JL
If it’s over 5 units, can’t go conventional.
Many pros and cons to doing it conventional. Main Pro is 30 year fixed rate that’s a little lower than a stated income loan (but not by much). Main con is it stays on your personal credit report as long as you own it. Also, conventional is still going to underwrite your personal income as well and will only give you 75% of the market rents of the property towards the income calculations.
Email me if you want. Happy to discuss differences etc etc. have spoken to several people on here about this.
Lnobles@redstickag.com
Many pros and cons to doing it conventional. Main Pro is 30 year fixed rate that’s a little lower than a stated income loan (but not by much). Main con is it stays on your personal credit report as long as you own it. Also, conventional is still going to underwrite your personal income as well and will only give you 75% of the market rents of the property towards the income calculations.
Email me if you want. Happy to discuss differences etc etc. have spoken to several people on here about this.
Lnobles@redstickag.com
This post was edited on 7/17/23 at 7:50 pm
Posted on 7/17/23 at 6:41 pm to JL
Im4datigers is the man to talk to
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