In this week’s episode we are going to talk about how to buy a multi unit building with little money down! Whenever you make a big investment it’s important to have all the information. We recommend speaking to an expert lender who can help you make informed decisions regarding your finances. There are a lot of financing options available if you live in one of the units. For example you can utilize FHA loans, conventional loans where you may only need 3%-5% down! That means you don’t have to wait to purchase a multiunit and have the ability to move in sooner without saving up a ton of money. However, if you are purchasing a multiunit as an investment property that you will not live in you typically will have to save up at least 25% for the down payment. There are still options to help you buy that investment property sooner, such as owner financing. Also look into OPM or Other People’s Money, you may have a friend or family member who has some extra money and would like to help you out with the down payment! Make sure to do your research because financing options change all the time. Hopefully this will help you take the next step to owning your own multunit! As always, reach out with any questions and let us know your experience with multi units down in the comments! Remember, if you Make Maine Your Home, you don’t have to do it alone!
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To contact Doug you can call or text to 207-838-5593, email to firstname.lastname@example.org or check out http://www.MakeMaineYourHome.com.