All Forum Posts by: Brian Boodoosingh

Thanks @Nicholas MischI'll give Noah a try as well!

Will do @Ricardo Navarro- thank you!

Hey Cleveland folks!

Looking for my second 2-4 family multi in Cleveland currently - looking to owner occupy it for a year or so before looking for a third. On our first duplex, we put 20% down (which was fine at the time), but I'd like to put significantly less down this time around to help us keep some reserves and cash for future deals. Does anyone have any recommendations for local lenders who will do anything in the ballpark of 5-10% down on 30 year fixed small multis without going FHA? Also happy to hear recommendations for regional or national lenders as well!

Hey Chris! I'm in the Lakewood area. Currently owner occupying a duplex and always looking to network as well! Actively looking for our second 2-4 unit multi.

I am looking to purchase my second owner occupied small multi family (3-4 units) later this year and looking for recommendations for local credit unions or smaller regional banks that people on BP have had success with. Hoping to put 5-10% down and house hack instead of the 20-25% down many larger banks require when you get to a 3rd/4th unit. Open to any referrals or feedback!

@Dave Stokley can't unfortunately, I'm currently owner occupying a duplex I purchased in Lakewood in December, so I'll need to live here until the winter in order to go that route. Appreciate the suggestion though! Probably should've mentioned that above.

I'm currently looking at a buy-and-hold Triplex on the east side for around 150K that I'm hoping to put an offer on before it gets scooped up in this wild market.

Conservatively speaking, it'd likely cashflow ~ $500-600 a month after budgeting for PITI, repairs, maintenance, PM and water with minor upgrades. Not a home run but a solid second deal. I've spoken to some conventional lenders and I want to avoid shelling out 40-45K cash to close with 25% down, which is essentially all of my liquid cash and would kill momentum to purchase other deals in the short term. I'd be more comfortable putting down in the 20K range so I can renovate over time out of pocket as the units turn and have room for reserves as well.

I've spoken to some Private Money Lenders, but because this isn't quite a BRRR and isn't quite conventional, I'm getting mixed results.

What are my options? Really only need like 20-25K assistance for the down payment and everything ideally is as close to a 30-year fixed as possible.

Thanks in advance!

And thanks everyone for the helpful comments!

@Tom Ott - thank you sir!

@Andrew Weiner - looking in several areas, mostly looking in Parma, Shaker Heights, Cleveland Heights - totally understand location is key and I feel like I'm seeing somewhat of the same where the REI's criteria are so much different than someone just looking for a standard house for them and their family to live in. I'll shoot you a PM!

@Brian Garlington - thank you! I will reach out to Erin for sure.

@Damian Ramirez - I'll also shoot you a PM. We are ideally looking for a "mostly move-in ready" to "minor cosmetic rehab needed" MF. Area wise, C+ and above is really where we want to be.

Hey everyone!

I am looking to connect with an agent in the Cleveland market to find a small multi-family (2-4 unit) house for my fiance and me to move into. We currently live in NYC and are looking to relocate to the Cleveland area to begin our REI journey. First step is finding home base.

If anyone has any referrals or recommendations, please let me know! We're planning on coming out to Cleveland 7/25 - 8/7 and would love to view as many properties that fit our criteria as possible while we're there. Lunch on me!