All Forum Posts by: Account Closed

Cody, 

Are they the old octopus furnaces? I've ran into a few. Budget 6-8k in our area. I have a good furnace guy if you need. 

on a new purchase that needs reno, I usually start at the mechanicals first- Alleviate the headaches down the road. 

Not sure if this thread is dead or if new members became inactive. Local Upstate NY investor here with a portfolio in Glens Falls. 

If anyone wants to reach out, feel free. 

-DM 

Assuming this is a conventional non owner occupied loan you'd be looking at 25% down. After a 15k DP + closing costs you'll be looking at a note of 45k. This would be considered a high cost loan to basically any lender (From my personal experience). Expect to pay points and a much higher interest rate if a lender will even do the loan. 

If you have equity in another property could you take that out, buy cash and refi? 

Give @Jerry Padilla a shout he should be able to help you. 

These threads have been abundant for the past 3 years on BP. 

Buy the half of the portfolio that is in good areas.. 

Seller financing looks attractive because it is a hard sell otherwise. These type of deals will sit until a sucker comes along. 100k a door for section 8 housing in PA sounds expensive. 

If you have a job in the field you went to school for most lenders will count that schooling as "work experience". I bought my first multifamily about a year out of school, had a job in my degree field and my schooling was used. This is allowed for FHA qualifying.

There are tons of flaws with this thread- it doesn't make sense. 

The 1 unit covers the mortgage and the other unit is pure profit? No it's not.. 

Your interest rate is dropping 2% and you're only saving $50/ month? You're saving much more than that.. 

Your lender is pushing Refi's because he's making more money on a refi than a heloc.. Find a new lender..

Worst case scenario? What is worst case? The rate you were told isn't the correct rate you're locking? Find a new lender..

Run your own numbers, Math doesn't lie and none of this makes sense.  

 I didn't want to be like my peers settling for a mediocre paying job with benefits that allows you 2 weeks of vacation a year as long as you're granted the permission to do so. 

Fannie/Freddie matrix's state 15% down payment on a conventional non owner occupied single family investment.. Not sure why your bank is telling you it's a commercial deal.. Find a new lender. 2-4 unit fannie/freddie matrix's state 25% down on conventional non owner occupied properties 2-4 units. 

Cash IS NOT king- I wish people would stop saying that, CASHFLOW is king. Buy as many income producing doors you can with the same amount you'd use on a cash purchase. If you want to scale- use debt, if you want to buy the only investment in the world you can with leverage- use debt. Cash slows you down and is hard to come by. Using cash you're prepaying for your own cashflow. If you choose to use cash, refi as soon as you can to pull your money back out. The only advantage is negotiation.