All Forum Posts by: Nicholas Weckstein

then maybe im confused on what a cap rate is exactly. i was under the impression that cap rate is the income of the property vers the price of the property expressed as a percent ? so wouldn't a higher cap rate mean a higher profit? for example. 100k property brings in 10k in net income for a cap rate of 10%. forgive my ignorance pls lol

@Account Closed

ive also read something about cap rates on multi family. i've heard things like 6-8% is considered good and don't expect much higher. is that BS ? @Jerry Padilla

hmm okay good insight. the main reason i chose them is because im living in NY but investing in PA. so i need a lender that deals in other states. they did inform me that after 2 years they would be able to consider my rental income.  @Jerry Padilla @Walter Minja

im about ready to make my first investment. ive analyzed the market in the area im looking. checked into the economy, browsed houses in that area. ive also done many calculations on my financial situation to ensure i am approved on the loan. i'm using wells fargo right now but haven't officially put in an application. any advice on acquiring financing ? my DTI is below 45% i have a 30% down payment my credit is great and so is my co applicants. co applicant has had steady employment. i just switched jobs in the same field with more pay 2 months ago.

hey guys thanks for the welcome ! 

@Hem Kumar i'm specifically looking at multi unit properties. no less or more than 4 units right now because i wont be able to get a commercial loan without land lord experience. or so i'm told. looking in the scranton area of PA

@Jeffery Goode i've learned so much from this site without actually being a member. imagine what ill learn now as one !

thank you for the insight. my other concern is actually finding an agent. can you believe i reached out to 2 agents and no call back at all. that was over a month ago. i used to use zillow to find a property but then i learned of its in accuracy.

im looking to buy a multi family property in scranton PA. anyone have any opinions on the area ?

hello all. i've been on this site a hundred times. decided to join. Im closer then ever to making my first purchase. i've done everything backwards to make sure i would succeed. i made sure i am capable of getting the loan and my financial situation is in order. Now to either find a property or an agent. any suggestions on where to look or who to call for credible listings ?