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How can I find financing for an investment property?
I am wishing to purchase a property originally constructed as a six-unit senior housing complex. I wish to purchase this property and again rent it out as senior housing. As yet I have had no luck in finding financing for this venture. Any advice?
2 Answers
- 7 years ago
Getting a loan to purchase a multi family house can be very difficult to obtain and vary from state to state. I would start by talking to local banks and finding out if they would loan me the money. It may help if you live there and have a large down payment. I have great credit and income and bought a 3 family place in MI - but I had to visit 3 banks before I could find financing. I had to refi after a year and could not get a 'good' rate.You are much better off paying 100% cash for multi family structures.
Source(s): landlord & have purchased multi family home - ProfLv 77 years ago
You don't provide enough information. How much of your own money are you investing? What experience do you have in managing such a property? Have you made an analysis of the return the property will provide, taking into account possible vacancy factors, quality of the location, operating expenses, property condition, and other aspects that a lender would want to know about before risking money on you?
