All Forum Posts by: Manasseh Arnold

When looking for a lender I received a referral from a local successful investor within my market.

After reaching out to the lender he messaged back and he said he could also represent me as my agent.

At first thought to a new RE Investor like myself, this sounds great. It sounds to me that this would be beneficial in the sense that my criteria would be even more acknowledged throughout the process...

I figured I would come to BP on this topic. I am looking for any advice on this matter and any pros/cons.

Thanks!

-manny

@Mike McCarthy This is great information and straight to the point i really do appreciate the feedback and will apply this. It is much appreciated!

I am planing to purchase my first multifamily property in which i can house hack by the end of 2020, i am looking to purchase the property with a 0% down VA home loan. I am 25 and currently deployed overseas. Ive learned the first step is to build my team.

While looking to build my team Ive been networking with many lenders....

Ive been networking with Lenders in the location in which i plan to invest, investors in that area have given me referrals and on BP Ive met lenders that seem to be amazing and have already provided me with value in terms of education but they're out of state...

Question 1: Is there any implications i should be aware of when using an out of state lender? what are the pros and cons?

Question 2: How do i know which lender to go with without having a hard inquiry pull on my credit to see what value they bring to me and what numbers they'll provide to me? is that the only way to find out who's the better lender?

Thank you to anyone in advance with any information or advice.

-Manny

I am planing to purchase my first multifamily property in which i can house hack by the end of 2020, i am looking to purchase the property with a 0% down VA home loan. I am 25 and currently deployed overseas. Ive learned the first step is to build my team.

While looking to build my team Ive been networking with many lenders....

Ive been networking with Lenders in the location in which i plan to invest, investors in that area have given me referrals and on BP Ive met lenders that seem to be amazing and have already provided me with value in terms of education but they're out of state...

Question 1: Is there any implications i should be aware of when using an out of state lender? what are the pros and cons?

Question 2: How do i know which lender to go with without having a hard inquiry pull on my credit to see what value they bring to me and what numbers they'll provide to me? is that the only way to find out who's the better lender?

Thank you to anyone in advance with any information or advice.

-Manny

@Brian Green Thank you for reaching out i will be sending you a PM

@Benjamin F DeCarlo Il keep an eye out for you!

Hope all is well everyone!

I'm from Greenwhich, NY, (near Saratoga Springs) and i am currently deployed overseas, I am looking to purchase an income-producing 2-4 unit multifamily home, within the capital district, within the next few months (flexible timeline, will be home around October-November). Something i can house hack for a year.

Anything in between Saratoga and Ravena or anything east/ west. Basically looking within a 30 minute radius of Albany, NY.

If you're thinking abut selling a property or know of someone who is, i would love to talk.

I know deals are going fast now a days and they're hard to find, but i have nothing to loose by writing this post and i know there's someone out there that can help and that i can help.

Lets make this a win-win scenario...

-Manny

@Perry Farella

He's a loan officer with rehab loan products for both Investors and owner occupiers. He has some 16 years experience and writes a Blog on rehab financing at www.perryfarella.com/blog. His knowledge and experience may be helpful to Investors or clients needing rehab funds in the same purchase loan. Licensed in all States.

Experience:

Has bought and sold a number of properties for himself. Has helped hundreds of clients secure financing for single and multi-unit properties as well as funds to rehab them.

Real Estate Goals:

Looks to connect with others who have an interest in renovating properties.

Currently Seeking:

He offers 30 year term Renovation first lien mortgage products for both Investors and owners (who will occupy for at least 12 months). his focus is on mixed use properties, 2 to 4 units, condos, single family homes. First time buyers welcome.

Below is a link to my property analysis.

https://www.biggerpockets.com/analysis/rentals/13c3232b-1d3d-4e5f-bda2-f6f86b0b8506

I am 25 and currently deployed, looking to purchase a multifamily by the end of the year, back home in upstate NY. I plan to house hack the property for a year and utilize a 0% money down VA home loan to purchase the property.

After a year i would like to have a property management company take over and move out so i can purchase another multifamily home to house hack.

I found this 3 family that's been on the market for some time. There is a large standing, in great condition barn that is on the property as well, and is used as a four car garage.

i feel that renovating the great looking barn into a 4th unit would be a great way to add value.

When accounting for the 4th unit the numbers really work and meet both the 1% rule and 50% rule. Before they didn't, maybe that's why it has been on the market awhile... idk but what do you guys think?

The analysis is done as if the property management company is running the property, i also added 2% in closing costs to the overall price of the property (~$4,500) because the VA loan should add the closing costs to the loan amount.

Any advice would be appreciated!

@Jonathan Leblond  That is great news I am very happy for you guys!

i will be sure to stay in touch and I am primarily only looking at 3 units and up as well.

After running analysis on many properties within our area, Ive noticed 3 units and up have better numbers. The two family's haven't been making the cut.

Random question: What do you like about multifamily investment in the capital district?

Also for your business id love to help assist with social media posting, photography and or web design for you guys, no charge, just looking to connect with like minded people that have similar goals. Let me know how i can help!

@Jonathan Leblond Apologies! I forgot to tag you in the above response.