All Forum Posts by: James F.

@Caleb Goettl

I will add to the list; John Woodrich has been great to work with.

@Moly Yang

I have used Land Tile for all but one closing now and they have been nothing but professional, friendly, and accommodating.  I have only used two title companies now. But the difference between my first one and then all the rest (Land Tile) was a night and day experience.

@Scott Jensen I just sent went over to their webpage and check it out and it looks like they have some interesting products, thank you for the recommendation!

I also run most of my financing questions by @Tim Swierczek (he is a great resource if you are participating in real estate in the twin cities market!)

Hey BP,

Has anyone worked with a bank in/around the Twin Cities (MN) that's loaned 90% LTV for non owner occupied rental properties?

I am also open to hearing any suggestions for a larger financial institution that will lend in MN? 

Thank you! 

Hi thank you both fro your suggestions! @Amber Gonion & @Todd Dexheimer 

 I will check these options out and come back and post on the thread when I have made a decision or have more information. 

Hi, my name is James Faillettaz. It is almost time for my first business tax return. I have about 7 months of cashflow, and on December 15th I will have my 9th unit. So far, I have used a mixture of co-singers and investor loans or cashflow loan products to acquirer my first 4 MFR properties. These solutions were my best attempt at property acquisition, due to my lack of taxed income. Now that I am beginning to establish a cash-flowing portfolio with some longevity I am looking for new financial connections. My current financial needs include refinancing, Buy and Hold loan products, a revolver to be used for rehabbing properties/possible acquisition (sort of like hard money), and reliable business checking's and savings accounts. My primary goal is to find an investor friendly intuition that I can build a relationship with located in or around Twin Cities.

Would love to hear what the BP community has to say about this topic!

Thanks a bunch,

James

@Jassen Bowman

Thank you,  for the information! 

@Michael Belenos

I was able to find a different banker that let me use the MHFA, Step Up loan. This Loan allows me to put 5% down on any MFH with 2-4 units. 

HI Craig & Others, 

I am currently owner occupying a triplex that I bought with an FHA 3.5% loan at the end of September 2018. I'm trying to move into another multi-family property and keep the triplex I'm living in now as a rental property. I have talked with a few bankers, and they said that I would not be able to get another FHA loan and that a conventional mortgage on a multi-family property would start at 15% down for a duplex and go up from there for every additional unit up to four. I was wondering if there is a way to move into the next property with a smaller down payment ideal under or around 5%.

Thank you!