First Multi-Family Investment Deal - Lessons

[Scott Saladik]

Notes to take away from first investment 

1) FHA financing is very strict on self sufficient 75% to value rental income verification. Always apply for a second appraisal - Or atleast send more comps that you can use to satisfy the prices.

2) Always go conventional if you can pool the money - If you can go conventional you will have much much more success and ease throughout the deal.

3) Do your due diligence with rents amount and tenant leases. Always make sure you have this information up to date.

4) Common sense - But keep good contact with both parties in the transaction. As a the broker or Agent in this transaction it was easy to navigate this with paperwork/addendums/appraisal updates because of the open communication with lenders, and listing agents, and my buyer clients.