Thread: Mortgage on a 4 plex.

Does anyone know of a bank program to purchase a 4 plex that will not be my primary residence that I wont have to put down 25%. I just started looking around and that looks like the limitation I am facing. I could do 10% or 15% but 25% is a little more than I can commit at the moment because I will also need to pay for carpet and paint for all 4 units.

Thanks,
Holmes

Nope! That's just how investment property is going these days. Just move into one of the units for a while.....unless it's ghetto.

Try a credit union.. they have a different matrix they run by.

No offence but you can't afford it. If the cost of carpet and paint for 4 units is affordable at 15% down but not 25%, you don't have enough reserves.

Hard to say without knowing more about the actual numbers, your income, etc. But without being O/O it's going to be difficult to get in w/o ~20% down or a ton of equity in your own pad and be willing to secure it.

Where is the property located?

#1 Rule: Don't even think about using Bank of America ( no offense to any affiliations). Less down payment = More Reserves (payments, repairs etc). Check with an FHA Approved Lender, 4-Plex is the max units for SFR and you cant go over $521k Loan amount.

GL

use a loan broker - there are a lot of creative financing programs still available.

i can put you in touch with a couple people who can get it done if you need pm me.

Thanks for the input guys. The property is in Bakersfield,CA. Fully rented and 3% down it would cash flow a little over 1k per month. Capital is always an issue but I am just trying to protect my reserves by putting less down.

I have been trying to convence myself to go O/O but it would be pretty hard to get the fiance to moved to a 2 bedroom that rents for $600 a month.

I am probably going to have to let this one go and build up a little more cash.

If you're in California, I can help you with the financing. Check your private messages.

Owner Occupied w/20-28 % down on an income producing property would give you more "breathing room"...Chump Change, Anon and I are in the same area (demographic groups) here and and know the markets. Between Socal & Vegas at this moment is hard to fund....