4 Unit Owner -occupied
i'm interested in buying a 4 unit as owner -occupied. wondering what is usually required for down payment and money in bank. it will be my first property.
i'm interested in buying a 4 unit as owner -occupied. wondering what is usually required for down payment and money in bank. it will be my first property.
If it will be owner occupied then you can get into it with 10% down, and as little as one payment in the bank, if your credit is good enough. That is the industry norm, you can of course get into it with no or less money down if the deal is good enough.
Make sure you pull your credit to see what your middle score is first. The credit will decide what is available to you. Then make sure you are getting the property at 80% or less of Fair Market Value, so that you have manuevering room, should something go wrong.
If you want us to help you with the deal, just post everything about it except the address and everyone here will help out.
Good Luck,
Kyle
You can get up to a 4-plex on FHA 3%. This is what I did for my first property. I'd guess most 4-plex's will not get you to positive cash flow with only 3% down, but it will get you in.
Bill