Can I Buy An Apartment For 10% Down
Just wondering, I was always told that you need at least 25% down to buy an apartment complex.
Looking to buy $800,000 apartment complex with $80,000 down.
Income would be $1500-2000 from rental income.
Is this possible?
Can you get the seller to carry some paper or how about a partner or maybe you can find an investor that wants interest on the money he fronts for your down pymt? Get on the phone until your ear is sore but only if the deal is good. Happy hunting.
So what you are saying, is find someone to get the other 15% needed to make a 25% down payment?
Also What I live in one of the units, don't the lenders consider that a primary residency and wil allow for a 10% downpayment
A friend of mine has bought a 4 unit and an 8 unit 10% down and the bank lent the rest so yes it can be done. You just have to find the right bank. Good Luck![ Edited by studlee on Date 05/24/2004 ]