All Forum Posts by: Mark Larson

Hi,

I am hoping someone can help me with some more information. I have agreed to a purchase price of 660,000 for three separate quadplexes on three separate lots with the owner. My first question is should the official offer be 3 separate contracts in order for me to get financing? 

Second, what is the best route to go for finding financing for this? I have no W2 but I do have enough liquid assets to cover the purchase price. I am in Florida if it matters as well. 

Thanks in advance

@Danny Randazzo Gotcha, thank you Danny. I suppose I will have to see if any will accept the CST as the guarantor.

Thank you both!

Alright great to know. Thanks for the information, that's very helpful. 

It depends on what you are looking to do. If you find a great deal and you're in it for the long haul appreciation, I'd say go for it if you can weather some losing months and aren't looking for cashflow. The margins are razor thin in NYC but that being said I have a friend who bought a few 1 bedrooms on the UWS with his family and they were doing well before the virus. Personally, I wouldn't touch NYC with a ten foot pole with the laws there but I get wanting to use an FHA loan and it definitely will come back.

Hello, I have seen some conflicting answers on here and was hoping someone could help clarify things. For a first time commercial loan on a multifamily property, are the loans non-recourse and are they tied to my income/assets for a first time multifamily property?

I had been looking for duplexes around me but came across a 16 unit building off market that it looks like I will be able to get the owner to agree to 800k (8.5% cap).

Long story short, I don't have employment that could justify a property of that value but I do have 150k to put in as well as a credit shelter trust that can cover the remaining equity needed (I'm the beneficiary so they're not technically my assets). I will ask my bank that handles the CST if they will take it but in case they're not interested, is a loan like this possible to get for someone in my shoes? I was hoping to get 60-65% LTV, 10 year, 30 amortization.