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The Water Cooler
General Discussion
Should I buy this apartment investment property?
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<blockquote data-quote="_CY_" data-source="post: 2907589" data-attributes="member: 7629"><p>there is NO way any lender will loan on 5% down on a commercial property. way way too much risk that something will go wrong. it's hard to find a lender to loan 70% loan to value, even you already own apartment property outright. this is one of the reasons why I suggested to OP to past on buying a 5 unit apartment. way too hard to find financing!</p><p></p><p>just as important .. very hard to find buyers able/willing to put 30% down on a 5 unit apartment, even fewer with 50% down. this is what the lender is thinking and you should be too .. what will happen to note if borrower defaults?</p><p></p><p>much better to purchase say 7 houses like your brother did .. risk is much lower for investor/lender. it's much easier to find a buyer for a single family house if something goes wrong. this is true for lender and investor. hence why the best tactic is to purchase house as a home owner and keep your hard won capital intact as possible ... keep your powder dry ...</p></blockquote><p></p>
[QUOTE="_CY_, post: 2907589, member: 7629"] there is NO way any lender will loan on 5% down on a commercial property. way way too much risk that something will go wrong. it's hard to find a lender to loan 70% loan to value, even you already own apartment property outright. this is one of the reasons why I suggested to OP to past on buying a 5 unit apartment. way too hard to find financing! just as important .. very hard to find buyers able/willing to put 30% down on a 5 unit apartment, even fewer with 50% down. this is what the lender is thinking and you should be too .. what will happen to note if borrower defaults? much better to purchase say 7 houses like your brother did .. risk is much lower for investor/lender. it's much easier to find a buyer for a single family house if something goes wrong. this is true for lender and investor. hence why the best tactic is to purchase house as a home owner and keep your hard won capital intact as possible ... keep your powder dry ... [/QUOTE]
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