All Forum Posts by: Anthony Grandinetti

So I was viewing a quadplex with my realtor yesterday and the owner brought up the fact that they have another quadplex one block over and my realtor asked him if he would consider doing a second 10% for me so I could pay the same down payment if I wanted to consider purchasing both quads at the same time. I had never heard of this before yesterday. Apparently the seller would maintain a second mortgage and I would have to pay him back over time on top of my mortgage for the other half of my down payment. But this makes sense to me. However I am new to real estate investment so I want to hear what you guys think. Is this a good idea? What’s the downside? besides the obvious of just more debt.

@Tim Johnson what is shower interest rate? I have never hear this term

@Melvin List it needs some roof repairs and some doors taken out and dry walled over. Also there’s a staircase that needs to be removed and closed in on the first and second floor. I also might put central air in.

@Michael Dyer I had my last job for 6 months but I just switched to a new one for better pay

I’m buying my first multi family deal. It’s a quadplex. 3 of the units are currently rented out. But the owner only has one lease. I’m wondering why she would do this, and what it means to me if I buy it. Should I request for her to establish lease agreements before I buy? How do I know what the rent really is? Could she be lying about the income? Please help me.

I’m buying my first deal. It’s a quadplex. But I checked the permitting and they said it’s permitted only for three units but no lien for the 4th. It was zoned for RM-12. What does this mean? Please help me. It could make a huge difference for my cash flow if I don’t have 4 legal units.

@Andrew Postell it is hard money, and it’s a 30 year. The term sheet says the interest rate is floating and subject to change based on the market etc. I’m doing the rehab out of pocket. And it’s a buy and hold

So I found a deal I really like. A quadplex asking 270k with about $4500 monthly rental income. I contacted a lender I met at my local real estate investor association meeting to get a quote on financing. He preapproved me with an 8.25% interest rate and 20% down. This is my first deal so I don’t know the standard but this rate seems high to me. Please give me some advice!

How do I get financing if I haven’t had my job for long?

@Raymond J. Rodrigues I’ve been in my field for a year now, same job.