All Forum Posts by: Jodin Concepcion

Yes, thanks Eric. You are correct. Not so new to the closing costs rodeo, I would have 40k on hand after the down payment, but can't quite get to the 150k and you are correct using everything to get there won't make sense. I was hoping to find a bank or credit union that might provide more financing than the 70% banks are asking so I can have a less down payment. 

Thanks Stephen, I appreciate the feedback. Borrowing hard money is a completely new angle for me and understand the rules or at least what’s expected. I'm not sure this is that kind of deal for that type of investment.  I'm looking to run my own business there and have the apts as supplement income to the business. That being said, I guess any hack suggestions that might work or leads on banks that might provide 90% financing could be a better option for me at the moment. I have access to about 70k so a bit shy to nab this opportunity. 

Hi Stephen, 

Thanks so much for your reply. It's a mixed commercially zoned triplex that I was looking to purchase as an investment property. There used to be a convenience store and two apts, but now there are only three apts no store. If I can get my hands on I would like to turn the storefront into an art gallery and event space. Along with the two apts (maybe STR possibly) to supplement mortgage and bring in funds. My first investment property here can only be refi up to 70% and since I have an existing note, I can only squeeze 50k out of it. NYC coop, is just a beast with Fannie/Freddie's new regulations on owner occupancy ratios. I Have to buy as an investment property since I'm employed in another state, but working from New Orleans through Covid. And yes, thank you for commenting that $150k is a big down payment! I agree!!

No, this is not the Washington Ave property. 

Down payment!! Arghh....need help with next property and not in the equity of my first yet. 

Hello, anyone have any advice how to get the down payment for a triplex? My equity is falling short and need about 150k for a tri in New Orleans. It's also in a commercially zoned area, but can also use as residential which the previous owners have done. It was a convenience store, turned loft living apt with two other apt in the building. I'd like to use the commercial space once again and will have the two apt rented out to supplement mortgage, but can't quite get the down payment of 150k together. 

What?! 10 - 12%?! Crazy!

Money and real estate prices. Most don't make sense for investments and down payments are astronomical after the 2008 fiasco. Looking for my 2nd since 2017,  but haven't been able to find a good balance....anywhere! Looking for a multi (duplex/triplex) to rent and airbnb so requirements are that it's in an area that draws tourists. Have a lot of wishlist though. Would like to live on property with backyard. I'm from NYC so a diverse city is key. So it's two fold. Would even be interested in finding multi suites in one property with separate entrances to airbnb.  

Could you perhaps start on a smaller scale? A single? 

I agree with @Evan Polaski. I live in a coop in NYC and invest in a duplex in New Orleans. Living in an HOA situation may be more affordable, but risky IMO, because you have no control over the property. Its run by the Board or bylaws and I have run into some major bank/refi issues on top of assessments and maintenance increases. I have more flexibility with my duplex in NOLA. It offers me a long term tenant and an Airbnb and I make profit every year, but even when there are little to no airbnb bookings during the slow months, the tenant carries the majority of the mortgage so the cost is very low to float. Did I slam down some money to get it up and running? Yes, but it needed some work and it's been a great investment since. I'm now looking into Atlanta to perhaps relocate, but very new to this area. Seems walkability and traffic might be an issue for me since I'll be living there. I'm ready for a yard with my 2 dogs, but need a bit of city life close by. Still searching!