All Forum Posts by: Account Closed

Agree with what you are seeing - many conventional lenders (i.e. banks and residential mortgage shops) are going to require >20% for investment property acquisitions.

There are commercial (private/institutional) lenders that will do up to 80% LTV on a purchase, however.

@Debra R.

Sent you a direct message.

Hi Edward-

Could you let me know a little bit more about what you're looking for? Would be happy to try and help.

Thanks,

Geoff

Is it one, four unit property or two two unit properties?

Thanks for clarifying.  Have you talked to a reputable/knowledgeable residential mortgage broker in your area about your situation?

It would probably be helpful to know what kind of debt your considering paying off - e.g., is it high interest rate credit card debt?  Probably need to know how the interest rate on the debt compares to the return you can make on your real estate investments to know whether it make sense to pay off the debt or use that capital investment purposes.

Hi Debra-

A couple of questions to make sure I am understanding your situation: are you looking for a loan to purchase the new home you would occupy? Or a loan for the four units you currently own free and clear (two of which you rent/two of which you occupy)?

Thanks,

Geoff

@Bill Peters - I would suggest being VERY cautious in working with people who request fees up front to simply complete an application, receive a pre-approval or do anything else.  If you are working with a professional/reputable lender, there should be no upfront fees prior to receiving a pre-approval or a commitment letter, other than a pass through of third party fees (e.g, appraisal costs).

Hi @Samuel DeMass - I run a commercial mortgage firm that works nationally. I'd be happy to learn more about what you're doing and discuss any potential scenarios with you (at no cost/obligation). 

Hi Wendell - 

I enjoyed your presentation last night. I wanted to introduce myself afterward, but you were mobbed a bit by the audience!  I run a commercial (including now-owner occupied residential real estate) finance company - I'm based in Downers Grove, but we also have offices in DC Metro and NW Arkansas and work nationally.  Would love to connect with you some time offline and learn more about what you're doing.  

Best regards,

Geoff