Buying an investment property is a great option if you’re looking at different ways to invest their money.
The number of units in the building and whether or not you’ll be occupying one of the units are the two major components that control what your financing will look like. Most buildings with 1-4 units are zoned residential, so the qualification criteria and financing options from lenders are similar to what you have on your principal residence.
However, buildings with 5 or more units are zoned commercial, so a lender would require that you take out a commercial mortgage on it.
If you’re considering an investment in real estate, start by having a conversation with me to explore options and great rates.
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