2007-09-30 15:44:35 · 3 answers · asked by rick p 2 in Business & Finance ➔ Renting & Real Estate
You're better off buying (2) 4 plexes than a 6 or 8 plex.
Why?
Four plexes can be financed like single family homes.
Once you get over 4 units now you're talking about a commercial loan with higher rates.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-10-01 16:43:02 · answer #1 · answered by Terry S 5 · 0⤊ 0⤋
OK, without more specific information here is some generic info. With your 6 or 8 unit purchase you are looking at a minimum of 10% down with some cash reserves available and the income on the property is going to have to be at least 1.2 or 1.3 times the total expenses on the property (including the loan payments). You are going to have to have decent credit also. The more money that you can put down, the better your rate will be. The stronger you are financially and the property's income is, the better your chance of getting a loan for it. If you have any further questions or specifics that you would like to go over, please feel free to contact me directly.
2007-10-01 01:20:18 · answer #2 · answered by iggy_68 2 · 0⤊ 0⤋
OK , you didn't list where Why ?
And you have $$$$$$$ ?
With no locations I'll go low and say $200K down and a note of $800K ( Jumbo ) for about 7% .
Or did you have enough to buy in a good area ?
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2007-09-30 22:49:35 · answer #3 · answered by kate 7 · 0⤊ 0⤋