All Forum Posts by: Jason Lochinger

Hi Everyone 

Closing on a $350k rental property with financing options listed below. I have run several calculations and would like to hear some opinions. My preference is to reduce the amount paid up front in both fees and downpayment. Which could mean higher interest rate and then refinance next year. But then agin, pay more up front and recoup cost with higher cash flow. I plan to hold the rental for 5+ years. 

Thanks for the feedback. I'm not looking for a legal appraisal, more of a second opinion on value before making an investment. I forgot about exterior appraisals, that may work. Thanks again. 

Is there an appraisal company that provide "virtual" appraisals? I thought this would be fairly easy to find but I have not found anyone. I have comps and data from several free resources but would like additional information.

I was looking in Torreon a year ago, and that still looks like a good area. I'm going to start looking again. 

This caught my interest as wow, you have to bulletproof houses now in Phoenix! My first tenants move in May 1st here is Gilbert, so I am brand new as well. I think I would say no because when they move out, now if a window breaks, it has to be bulletproof and match the others. 

@Jaysen Medhurst Fourplex, 30 year,5% APR with the option to buy points and 25% down.

Thanks for the response @Mark Kendall In addition, last night I called two other lenders I have worked with before and they have stopped investment loans all together. Another I know is requiring a 65% LTV.

I just spoke with my lender and they want 25% down at a 5% rate, 30 year for a fourplex in AZ. I'm shopping right now for better terms. 

Investment Info:

Single-family residence buy & hold investment.

SF property rental. Primary house turned into a rental.

I recently downsized to a new primary home at 4.125% and as of May 1st renting out my previous primary. I went back to my favorite lender and they are requesting 25% down and looking at a 5% rate for the fourplex I would like to purchase. The rate (on the primary) had a lot of volatility over the three weeks when I was closing so I get that, but 5% sounds high on a multiplex. What are other seeing for residential investment property downpayments and rates? 25% down and 5% rate? Thanks!