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I was reading the awesome thread started by G_Alexander, and thought I would throw this ideal out there for people looking to buy an apartment building with as little out of pocket money as possible.
I'm going to cut to the good stuff and avoid the fluff, in a nutshell, you can get FHA loan, government backed financing, to purchase a multi unit property, less then 4 units, if you live in one unit and the other 3 out you should break even and/or cash flow depending on your purchase price, rehab?, expenses. If you decide to live in one unit you will get a great interest rate plus you may be able to put down as little as 3.5% down payment.
Let me put this in prospective, right now money is cheap at banks, ie low interest rates, problem is trying to get a loan is harder now days, and if you want to purchase an investment property the bank, around me, usually want 20% down. Some banks want up to 25%! While other banks have stopped totally on lending on investment properties.
Make sure you have all your ducks in order, with regards to personal info, w-2, bank statements, personal financial statement. Good luck roc
I'm going to cut to the good stuff and avoid the fluff, in a nutshell, you can get FHA loan, government backed financing, to purchase a multi unit property, less then 4 units, if you live in one unit and the other 3 out you should break even and/or cash flow depending on your purchase price, rehab?, expenses. If you decide to live in one unit you will get a great interest rate plus you may be able to put down as little as 3.5% down payment.
Let me put this in prospective, right now money is cheap at banks, ie low interest rates, problem is trying to get a loan is harder now days, and if you want to purchase an investment property the bank, around me, usually want 20% down. Some banks want up to 25%! While other banks have stopped totally on lending on investment properties.
Make sure you have all your ducks in order, with regards to personal info, w-2, bank statements, personal financial statement. Good luck roc
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