All Forum Posts by: Account Closed

Hey guys, so I have a triplex under contract this will be my first investment property. I have a broker who claims he was on the phone for 2 weeks trying to find a lender who would fund the deal. He claims that no one will work the loan due to the fact that I don’t own a primary residence...I’m highly disappointed because I’ve listened to many podcasts, read books, and read a few forums on here! Did I miss something? I’m going in 25% down on this property and I have a good credit score.... I wish he knew this earlier before running my credit and wasting my time.

Originally posted by @Eric Stafford:

@Account Closed I don't know if that definition holds. At least not here on BP.  Most of my opportunities are in the commercial retail space due to contacts which is why I find myself here. However, at least 50% of the responses here are for apartments/multi's.

 got cha!

Multi unit buildings are still considered residential...commercial buildings are buildings rented out to businesses; like a strip mall, or office space, even a storage facility. I guess you’re trying to say you want to acquire more doors by getting buildings with a lot apartments in them?

If renting fits your situation best then do it. However, if you have an opportunity to house hack again, and all of the dots connect then, house hack. I rent a place and own rental property because in NYC market is way too expensive it doesn't make sense, and I am in a position where I am lucky enough to have a rent stabilized unit and rent a 2 bed for 120% below market rates. I will never give up my NYC apt.

congrats, this is an awesome testimony! Your motivation is motivating me! this is amazing!

keep me posted!

I have no experience in REI, but I've read in a few books that SFH with 1 BR are alittle harder to market in a neighborhood like that one. I check out the other homes in that area, and they're majority 2+ bed and bath. However the school district is really good there; It's a great area for a family !

Hey tim I'm in the same boat as you. If you come across anything please share. Thanks :)