My two brothers and myself inherited our parent’s 5-story, 12-unit apartment building on the vibrant west side of Manhattan, NYC over four years ago. We also have a commercial tenant on the ground floor (a successful restaurant). Almost three years ago we took out a 7-year million mortgage on this property (and our building pays around ,500 per month for this mortgage) and I was happily able to retire on the 0K I pocketed. We have recently discussed what more we can now do to get another nice chunk of $$. This past year we were able to take an annual total of approximately K each from the building’s profits (our rent-roll totals around K per month). All three of us agree that attempting to sell the building right now in this terrible economy is not an option. MY suggestion was that we refinance our mortgage as interest rates are low now. However, one of my brothers feels uncomfortable doing that because (a) we would have to pay around K outright just to take care of the first mortgage, in addition to paying closing costs, fees, etc., and (b), although he feels that the building would be able to pay the higher monthly mortgage payment, he feels uncomfortable about leveraging our building for over million, especially when right now all property values are low. He would prefer for us to just continue taking our monthly $$$ from the building’s profits. My answer to that is that this current terrible economy is hopefully a temporary anomaly and that property values will rebound in a year or two. The three of us are in our 60’s and I feel that tomorrow is promised to no one, and we should enjoy as much money as we can while we are still healthy enough to. I am the only brother who REALLY needs a financial shot in the arm now; they don’t. I expressed to my brother that his discomfort level shouldn’t deny us in getting another nice chunk of money each. Is there any method of perhaps having a bank give us a "mini-loan" allowing just me to get around 0K? Does anyone have any idea how we can safely get more $$$ from this valuable property, instead of just taking "nickels and dimes" per month from the building’s profit? Perhaps there is some way that I could somehow take 0K from the building without jeopardizing the financial integrity of the building, if my two brothers agree to that method? Thank you.

i bought a 10 unit apartment complex for ,000. it was recently appraised as-is for 5,000. i am looking for ,000 to fix up.

in going to lenders they are saying they WILL re-finance once fixed up. same seems true thru banks.

is there a source of funding available to provide repair costs on a project?
this property has been vacant for 10+ years. the running rate on a one bedroom apt. is 0/month

I am 19 years old with not much credit (a few credit cards) and I want to by a duplex or another multi-unit apartment. Can I buy a cheap forclosure that needs some cosmetic work and get a decent mortgage, with plans to rehab it and live in one unit and rent the other(s) out? I make around 00 a month, is this possible?

I consider myself a fairly ambitous guy, I’m optimistic but not naive. I noticed that most 22(23 this month) year olds aren’t realistically setting achieveable goals for themselves why is that? I’m a college student who plans to go to law school in a couple of years. After which I will be a practicing criminal attorney. With that said I hope to achieve an income of nearly 80-90k after five years starting out in the low 60’s with as little debt as possible. I then want to save up frugally, and instead of buying a home, buy a 5 or 6 unit apartment building live in one unit and rent out the other 4 or 5 units. Then I will repeat to I have a portfolio of maybe a 10-12 properties is this a real achieveable goal, likely even if I plan? How does one get pass the DTI issues associated with financing 10 properties? When they do the loans they just go stated?
So if anything over four units is commerical, then I’ll just keep it down to four units then.

I was talking with this guy today and he was saying that if you want to buy a 5 or more unit apartment or a commercial building that you need 40% down now.

is that right?

We are looking to make our apartment complex more green… does anyone know what the costs would be like, how financing may work, and any perks/rebates that may be available? This is a 304 unit apartment complex in Ohio that was built in the 1960’s.
-Thanks for any help!!!

I have good credit now and trying to use it to purchase a 4 unit apartment complex as an investment property. I have seen some banks still offering 100% financing. Is this something that some banks are still doing to keep afloat in these trying times? Also what is the minimum I will have to have down to purchase this complex since its considered a primary residence with an FHA loan?

I’m looking to purchase a 6 – 10 unit apartment building. My end goal is to move-in one of the units, and rent out the remaining units. I know that I will need to acquire a commercial loan for the purchase of a building this size, but I am not sure of the typical down payment requirements and other items used in qualifying a purchaser and the apartment building. Can anyone provide me with the ‘ins/out’ of this type of transaction? Thank you.

My wife and I are working as property managers at a 68 unit apartment complex. We’re looking at starting our own company managing residential and commercial rentals. Is now a good time in our economy? It seems like a perfect time when home loans are hard to get… Why or Why not?
We have a couple years experience in leasing and screening and maintenance. I’ll be getting my Property management license this next year and starting an LLC.

I am looking for lender to finance my 12-unit apartment project

is there any possible way to finance a 40 unit apartment complex that cost 1.7 million without having the the entire 20% down that is recommended for commercial loan….i have a 780 credit score about 120k and make 100k a year.the apartments have been 95% occupied for last 3 years…..without having to pay over 10% interest

I would like to buy a 8-unit apartment building for 3K

from what i have found most lenders want about 20% down.
Can i find a lender with little or no down payment?
I can pay other things like prepayed insurance, escrow, ect. but the 20% is kind of high.

Can anyone sugest any lenders?
Any sugestions?