I have never done any RE investing before but always been interested. Was doing research about financing a rental property i found to get a better idea of what this would actually entail. I couldnt find any conventional lenders giving loans under 500k for multi-family properties. Is this correct or am i not looking in the right place? Do you have to go the hard money route under 500k? The property is a 10 unit apartment building for under 300k. But the question is more general because i am curious about smaller properties <10 units as well.
Anything over five units is normally considered commercial property and will require commercial financing. These loans have different requirements, down-payments, rates, and durations…
Keith
Go to a small local bank and you’ll find what you’re looking for. Keith is right about commercial financing. Things vary, but you should definitely be able to find lending for cheaper investment properties.