Anthony- The banks are currently professing to want 30% down. Suggest you keep the other 5% for reserves. They will need two years ACTUAL Income and Expense Reports on the property to examine cash flow. They are seeking 1.25 to 1.6 coverage for the debt coverage, depending on the bank, and other factors, including your unemployment. If you have experience in managing/operating multi-family, or even any kind of rental units, it will be a consideration.
Aug 24, 2010