All Forum Posts by: Mark Smith

Great advice in here from @Ben Leybovich as always.  Thanks for making me want to quit my W-2 job even more!  And just to stay on topic @Julie Marquez, I have an obsession with Mint as well.  I have not used any of the others so for all I know they're all better than Mint, but I probably spend 10 minutes a day on Mint even if I haven't spent a dollar!

@Russell Brazil thank you for your input.  Like I said, Quicken is off the table.  Hopefully I can find a local lender that will work out!

I spoke to Quicken this morning so that option is off the table.  They said they can do 15% on a single family, 25% on a multi.

I'm going to try to meet with a local lender.  I have one in mind, it's just a matter of actually getting to sit down with them.  I think if I can buy it for a low enough about, and it appraises for a high enough amount, along with my 10% down, they might bite.  It's worth a shot anyway.

@Adam Christopher Zaleski I'm not necessarily looking for an exception, I'm looking for someone who offers that option.  I'll be prepared for their phone call now just in case they seem aggressive like you said, but if they only have a 20% option they can't help me anyway.

@John Ching thank you for your reply. The property is listed for about $120k, it is in upstate New York, and I do not plan on living there. I have another mortgage in my name for my two unit. 4 units is as large as I want to go right now just for the reason you stated, it still falls within the residential category.

Thank you for the replies @Daniel O. and @Hunter Fitch.  The numbers are great, so I think if I can just get in front of a potential lender then I have a good chance of getting the financing.  I'm not surprised to hear that about Quicken, but I figured it was worth a shot.  I've also inquired with SoFi.  The offer 10% down "home mortgages" so I wanted to find out if this would translate to an investment property as well.  Probably not, but again, it's worth a phone call.  I'm still trying to find a local lender, I'm just looking at all options at this point.

I found a 4 unit I would like to offer on but I only have enough cash to put 10% down.  I'm having trouble finding financing, and I'm wondering if anyone has ever gone through Quicken and if there is a possibility they'll do 10% down.  Or if anyone has experience with any of the other major lenders (lendingtree, sofi, etc.) any feedback would be great!

I have found a property that I would love to purchase.  It looks like it would cash flow well, and it is in my home town so I know the area well.  My concern is that since it is a rural village, how likely will it be that I can keep four units fully occupied?  All of the essentials are right in town: schools, grocery store, gas stations, a few local restaurants/bars, but most people commute for work.  The closest commercial areas are 20-30 minutes away.  I'm just not sure if people are really drawn to the area.  It is certainly not on the decline, if anything I would say it is growing slowly.  The current tenants are also month to month which makes me nervous because they could up and leave at any time.  I know this is kind of a collection of random thoughts!  I just wanted to brainstorm with everyone and get some opinions, especially if anyone has properties in a similar location.  Thank you!

I'm facing a bit of a dilemma:  I found a property that I would love to purchase, however I do not have the cash for a down payment.  I would like to find an investor who would cover the down payment, closing costs, etc.  How do I pay them back?  Do I try to refinance after a year to get cash out and pay them off?  I'm trying to think about how this would work since 1 year doesn't give much time to build up equity, especially enough that I would be able to refinance and get enough cash out to pay off an investor.  Has anyone done this and can offer come advice?  Or does anyone have a different strategy for me to consider?  Thanks!