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Updated over 8 years ago,
Looking for HM Loan in NYS
Hey BP Network,
Hoping to get a few good leads here. I've got a problem, be it a good problem though.
My wife and I finally took the plunge and bought our first investment property. Small single family. Closed on 7/28, rehabbed for 3 weeks and had it rented with tenants in by 8/1. Perfect first experience for us. The property is cashflowing $520 net, monthly. We had built up about 40k in reserves to handle the Down payment and rehab, most of which is now gone.
Fast forward to today... I recently received a job offer that would move me out of Rochester, NY and towards Syracuse. With funds low, I'm afraid that I won't have the $ necessary to close on a new place to live.
I'm looking for a HM lender that will do a 100% LTV on a multi family that I could househack (live in while renting the other units out). Maybe even someone who will go 110% to cover rehab, etc. Short term is fine 6-12 months.
Anyone out there know of someone?
Let me know!
Thanks
Pete