All Forum Posts by: Nicholas Weckstein

well im looking for a multi family. was told id have a hard time getting commercial without land lord experience but to answer your question residential.  unless of course i can obtain commercial lending because i have seen 7+ unit buildings in my price range. @Adam Guiffrida

have been looking at 4 unit properties. 

maybe its time i find a mortgage broker. 

looking to buy multi family in Scranton PA, 

anyone who can refer me to one, it would be much appreciated.

okay that seems reasonable. i dont know why i chose wells fargo prob just bc i know them by name kinda thing. from what ive learned here im going to try credit unions that lend nationally, and maybe a mortgage broker. im sick of all the red tape.

@Chris Mason can you suggest any lenders that would lend in PA

i will be calling around to credit unions. deff dont wanna just accept the first rate i get. and to everyone in this discussion....

after my old job closed down i spent a month looking for a steady job again. ive now been at a new job for 2 months. im worried they wont accept my income because of that. same industry i was previously in and with more pay. i do also have a co applicant whos got steady history at one job. 

just worried because just my co apps income alone would have our DTI to high.

maybe asset based lending ? for example i have a decent nest egg of money saved and so does my co app. as well as my co app in a union contract with scheduled raises. i am also scheduled to receive a settlement check for an accident in 4 years. could these things make them look past my short history at my current job?

@Jerry Padilla @Account Closed @Xavier Navas

hello everyone from BP.

i am about to fill out my mortgage application for a multi family rental property. credit is tier 1 my co applicant's credit is tier 1. between the both of us we have 25% or more for a down payment. my co app has a good steady job and job history.

here is my worry. after being at my last job as a waiter in a restaurant for 10 months, they got into some issues and closed down. i spent a month just working side gigs until i found something. im now at a new job in the same industry with better pay but have only been here for 2 months. 

im thinking that the bank (wells fargo) will not consider my income. if thats the case we wont be able to secure financing with only using my co applicants income. any suggestions ?

i do recall the women who i'm talking to at wells fargo saying usually they like to see six months. 

should i just wait 4 more months ?

@Louis Roggeman good choice !!! i also think in the long term we will see a lot of growth in the area

@Xavier Navas but will they lend for a purchase in another state ? i bank with NEFCU here on the island. 

so should i not use Wells ? i just started the application process with them. but i should shop around obviously.  

wells is offering me 4.625% they told me i need 8500 for closing costs. but thats using an escrow acount for the taxes and insurance and tbh i dont feel the need to have an escrow account for that. i have no problem making sure bills are paid on time. and if it means not having to keep a couple thousand dollars in the account and letting me keep it in my pocket id rather. 

so can anyone recommend an actual bank i should try with?

@Account Closed @Jerry Padilla

@Xavier Navas also a credit union wont work for me i dont think because i live in new york but am investing in PA

thats not a bad idea. im looking in the 150k range. @Xavier Navas

@Robert Grant that does seem to be a good way to go. i will message you here grab your email from you. thank you.

@Account Closed ill be honest. im still very confused. im still not seeing why i wouldn't want a high cap rate. to me that just spells out more income. also i am going to go look up NOI again because i cant recall what it means

@Robert Grant i always read about these alternative ways of securing financing but i always feel like their these mystical creatures and i just don't know how to find them. that's a high rate in my opinion but not without an upside. could you possibly point me in a better direction then Wells Fargo ?