All Forum Posts by: Andrew Garcia

Hi @Jungae Park, you can purchase the property as an all-cash purchase and then close on a cash-out refinance for 75%-80% of the value within one month of closing.

If you are using conventional, you would have to wait 6 months, however.

It allows you to buy all cash while still getting all the benefits of financing.

Hope this helps! Let me know if I can be of any assistance.

Hi @Angelina Arbisi, Bob gave some great insight.

You are certainly buying at a time of record-high prices and rapidly rising rates so I am glad you are aware of that and are taking precautions.

Since you are investing out-of-state make sure that you have a rock-solid team. I am sure Bob has some good recommendations.

New builds are a great strategy in my opinion since they have fewer monthly expenses. Lower maintenance, less cap ex, lower insurance premiums.

Hope this helps! Let me know if I can be of any assistance.

Hi @Idowu Babalola, definitely connect with a local realtor.

I am sure @Lucia Rushton can help you out or she likely knows someone that can.

Since you are looking for 2-4 unit properties, you are likely going to have to expand your search than simply one neighborhood.

Multifamily properties are becoming more and more scarce these days so you might have to look a little wider.

If you get under contract soon, you can still get a rate in the 4s!

Hope this helps! Let me know if I can be of any assistance.

Hi @Caden Wakim, there are a few strategies that you can use.

You can obviously try seller financing the deals. Those can be tough to come across in today's market, however.

A strategy that some of my clients use is doing a piggyback second lien on the property. They will get the first lien and close on the DSCR loan with 25% down. Then, they will take out a second lien on the property for 15% at an interest rate 1-2% higher than the first lien.

That way, you are still only in the deal for 10% and do not have to rely on seller financing.

Hope this helps! Let me know if I can be of any assistance.

@Kyle Schroeder, I like that you have done your research!

BP has a lot of great data resources so definitely check those out. 

I like all your choices and as long as you find the right property in any of these markets, you will be okay.

There are a lot of great realtors both in this thread and in this community. Reach out to at least one in each market to get their thoughts.

Do a Jeff Bezos and make the cities compete!

Hope this helps! Let me know if I can be of any assistance.

Hi @Charles Tharp, welcome to the community!

There are so many great strategies out there that it definitely can be hard to determine which one is best and right for you.

Your long-term goal is to get into multifamily but why is that your goal? Is it because it is easier to scale? Is it because you want to only deal with one property to get 16 doors rather than 16 properties? 

Also, what are your short-term goals? Are you looking to increase your monthly income? Are you looking to lay the foundation for generational wealth?

Answering these questions will allow both myself and the members of the community to better assist you in narrowing down your options.

Let me know if I can be of any assistance.

Hi @Rebecca Prado, there are a lot of DPA programs in FL.

There are a lot of restrictions to DPA so be sure that the buyer is aware of them prior to going into the deal.

A few ways to help with closing costs are below:

1. Get a lender credit. The borrower can take a higher rate to get a credit from the lender to cover some closing costs.

2. Get seller credits. The seller can give the buyer a credit to cover some of the closing costs. This strategy is particularly good when the appraisal comes back higher than the purchase price.

3. Do a combination of both. This should cover most or all of her closing costs.

Hope this helps! Let me know if I can be of any assistance.

Hi @Josue Lopez, below are my answers.

1. You can do both simultaneously. A HELOC might not be your best option, however.

2. You can use a HELOC for a down payment but it will affect your debt-to-income ratio. HELOCs are lines of credit, not fully amortizing products so the terms vary based on your scenario.

3. You get better rates and terms on a primary residence.

4. You can get approved for both. You need to reach out to a qualified lender that can help you.

Hope this helps! Let me know if I can be of any assistance.

Hi @Mia LeTendre, there are options for you to get qualified without being forced to use seller financing.

1. Conventional, FHA, VA, or USDA. A lot of lenders calculate self-employment income incorrectly. You might qualify for one of these.

2. Bank statement loan. This is where you are qualified based on the amount that gets deposited in your bank account every month rather than your tax returns.

3. Non-QM full doc. A loan that is underwritten more lieiniently than a conventional, FHA, VA, or USDA loan.

4. DSCR. This is where you get qualified based on the fair market rent of the property, not your personal income.

Hope this helps! Let me know if I can be of any assistance.

Hi @Tommy Volpe, I know some great investor-friendly realtors in Richmond. I will reach out to them to see if they know anyone in the area or if they service that area, themselves.

There might be some agents on here that can help too!