Is it possible to buy a multi family home without a lot of cash?

I’m hoping to house-hack a quadplex. In my area a quadplex goes for ~$500,000. 3.5% down + 4% for closing costs would be just under $40,000.

At the rate I’m currently saving, I will eventually hit $40k but it’s going to take a few years (especially with my rent drastically increasing). From my understanding, once I hit the $40k I’ll also need cash reserves to qualify for the loan.

Is there any way to get the 7.5% cash requirement lower?

I’ve heard sometimes sellers will cover closing cost but I’m not sure if that’s realistic in this market.

submitted by /u/43Gofres
[link] [comments]

I’m hoping to house-hack a quadplex. In my area a quadplex goes for ~$500,000. 3.5% down + 4% for closing costs would be just under $40,000. At the rate I’m currently saving, I will eventually hit $40k but it’s going to take a few years (especially with my rent drastically increasing). From my understanding, once I hit the $40k I’ll also need cash reserves to qualify for the loan. Is there any way to get the 7.5% cash requirement lower? I’ve heard sometimes sellers will cover closing cost but I’m not sure if that’s realistic in this market. submitted by /u/43Gofres [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!

Generated by Feedzy