Seeking Financing Advice

[Ursula Lovings]

I wanted to introduce myself and get some advice. I'm a teacher in NYC. I own my condo in NY. I have a couple of investment properties (condos) in NJ. I bought these properties over the last five years with a very casual, admittedly somewhat uneducated approach. I'm now ready to be more intentional, smart and aggressive in my investing and I'd like to move into multi-family homes. I'd like advice on how you would finance a multi given my situation. I have about $15k in savings to spend for investment purposes. I'm considering borrowing from a retirement account for a down payment. My condo in NY has about $100k in equity.I did a refi a few years ago for a lower rate. I've had condo #1 in Jersey for 5 years. I did a refi a few years ago and it probably has about $30k in equity. I've had condo #2 for almost a year, haven't done a refi and it has about $10k in equity.Open to suggestions/ideas. I'm spending my summer researching, learning, and possibly investing. Thank you in advance!

[Mohammed Rahman]

Hi @Ursula Lovings - wow, first of all that's amazing that you're able to already have such a robust portfolio! 

I also understand where you're coming from in terms of wanting to move onto bigger things. I'm an investor and broker in NYC and work mainly with people looking to buy multifamily properties to 'house-hack in :) 

Depending on what your DTI ratios look like, you may be able to pull out some cash from your current equity OR not go that route entirely and approach it like a conventional purchase.

I recommend using an FHA loan assuming all the other condos you have were purchased with 30-year investment mortgages.

Please reach out to me as I'd love to chat and point you in the right direction, I also work with local lenders that understand the market and may be able to workout something for you whether it's a conventional mortgage, DSCR, or a hybrid. All my contact info is below.

P.S. Please upvote this post, it helps with my ranking thanks!