All Forum Posts by: Athan Seyler

Thank you both @Michael Reilman

@Evan Polaski , I’ll be applying your guys advice!

I don't have the money yet for a down payment but I still want to be underwriting deals to help increase the odds of me finding the steal deal and get more efficient at doing so and understand the process more so. I see Loopnet is available but they seem to be the left overs in a sense. Anyone have any suggestions on how I can still look at the properties even though I don't have the money yet? 

Thank you all for your responses, it’s very much appreciated. Either way I’ll figure it out, or maybe another opportunity to finance the deal will occur but I’ll start looking/interviewing some lenders from the area and meet with local individuals.

If I were to use a FHA whether it be a 203k streamline (I may be mistaking it for the other 203k loan: which ever is for basic cosmetic issues would be the one I'd pursue) or just a normal FHA loan, could they qualify the income already being produced from the property from tenants who are wanting to stay when owners switch even though the income isn't in my hands yet since I haven't purchased the property quiet yet? The ideal situation I'd want to do is little to know repair, only repainting, changing the flooring, etc pretty much just updating and cleaning up the units.

So in theory, I could try to apply for a commercial loan if that multi-family property has a strong track record of producing cash flow and have an "easier" time getting such compared to a sfr multi-family loan?

I'm wanting to purchase my first rental property as being a 3plex or 4plex but I notice the mortgage may be 60%-75% of my income. i know most places would deny this but, there's some properties that'll say that there's tenants that want to stay that are providing enough rent to cover the mortgage, so is there potential for a loan officer to be more willing to provide a loan seeing that the property is already making income and will continue to (in theory). Either way I'm trying to network with those who are local to me (Portland, OR) and I will be walking into different credit unions near me to directly ask the loan officers; either way I'd appreciate different perspectives.