All Forum Posts by: Jeff A.

Hey guys

I find that no matter how much you research or experience, you're always running into new issues and questions!!

So... I have a 3 unit multifam bought in cash last month then I just found another solid 2 family nearby that also want a cash deal...

I'll have to get hard cash loan then refi immediately after... 

QUESTION- will I have difficulty getting the second property financed as a low down payment owner occupy?  What should I do!?!

I'm always overthinking because I'm trying to leave room to buy more for the future and would obviously like to get in all cheaply

Hey BP people!

My friend is selling their 3 unit multifamily to me and I'm wondering how to proceed... independently free of agent fees.

Maybe provide a checklist on how to proceed?

This is what I'd assume:

Bank approval 

Purchase sales agreement

Inspection/appraisal 

Real estate attorney 

Maybe smoke certification?

anything else?

thanks guys!

Thanks a lot guys!!

So I do have enough saved for reserves and 20% down. But I feel like cash in pocket for potential future investments is more important and would take me years to replace those funds(60k) Agreed?

I guess, that's what it comes down to for me. And the fha is just so damn stringent lol

I'm thinking of going conventional and using heloc for my current property to soften the downpayment blow.  

Ok... I've owned an owner occupied conventional 3 fam for almost 2 years and I found a great deal from a friend on another much nicer and larger 3 family in the area. So I'll move from one to the newer multi.

I've hit a wall on what loan to proceed with... please help!

I've called 15 banks and most say my options are generally fha 3.5 down or conventional 20% down.

Best deals i found are:

10/1 arm conventional 5% down at 3.625 rate

Conventional 20% down at 3.625 rate

FHA 3.5% down at a wild 2.8-3 rate

what's the best route to go? Especially if, ideally, I buy another multi in 3-5 years

Great advice buddy!! Thank you

That's intriguing

What are the logistics surrounding a heloc? How long does it typically take to arrange and fees?

I dont have a lot of time... the p and s is already signed.

Ok... I've owned an owner occupied conventional 3 fam for almost 2 years and I found a great deal from a friend on another much nicer and larger 3 family in the area. So I'll move from one to the newer multi.

I've hit a wall on what loan to proceed with... please help!

I've called 15 banks and most say my options are generally fha 3.5 down or conventional 20% down.

Best deals i found are:

10/1 arm conventional 5% down at 3.625 rate

Conventional 20% down at 3.625 rate

FHA 3.5% down at a wild 2.8-3 rate

what's the best route to go? Especially if, ideally, I buy another multi in 3-5 years

Great advice guy and thank you :)

I've seen the property, it cash flows well, and it's a great price.

What type of loan should I go with and will I have any difficulty with underwriting? Seeing that it will be my second owner occupied multifamily... 

I currently own a 3 family for almost 2 years- initially owner occupied and a conventional loan.

I have my eye on another 3 family in the same town but its double the square footage and higher quality.

my question is will there be any issues purchasing the second 3 fam property? And what's the best approach or investment path to take? Just need advice and guidance, I guess... My goal is to acquire multiple multifams over time.

All great tips and suggestions!

thanks fellas

I didnt even consider of adding a clause to the lease.

I just find it difficult to arrive to an estimatimated cost for gas/electric. It seems so inconsistent in my area. 

Hello!

I was considering of dividing my first floor apartment on my multifamily into two units utilizing the same meter.

I was wondering if theres a rule of thumb or formula on what to charge when considering this route. 

I certainly don't want take a loss and be vulnerable to potential tenants abusing electricity/heat.

Any suggestions or advice?

Thanks :)