All Forum Posts by: Michael Cohen

hi @Alfred Edmonds - Welcome to the BP community.  How long have you been self employed? It shouldn't be too hard to get conventional financing. 

Hi @Olivia Williams - welcome to the community. Unless there's a reason you HAVE to use seller financing, it doesn't make sense. You'll get much better terms, rate, etc. with a local or national lender, or even a "big box" bank, such as Wells, BOA, etc.

If you qualify, you would be much better off going for a conventional investor loan.

Yes, you would be fine for a 95LTV product if it's OO.

Hi @Tony Hightower - The FHA was designed as an owner occupied primary residence product, primarily for first-time home buyers. One of the guidelines for FHA rules that you would bump up against is the "100 mile" rule whereby you cannot use rental income as qualified income if you currently own property within 100 miles of the proposed FHA property. There are a few exceptions here (military orders, employment-forced moves, etc.) but for the most part, any income you have that isn't derived from rental income on the SFRs would have to be able to sustain all 6 properties in order to qualify for the FHA loan.

PMI (called "MIP" on a FHA loan) is typically for the life of the loan. If you put 10% down, then it does go away after 11 years... but if you're putting 10% down, odds are you're not doing an FHA loan. You could refi from FHA and into a conventional loan once the equity is there.

Use a local lender, not a big bank. PM me your contact info and I'll find someone good for you

You could use traditional lenders with distressed properties. You would utilize rehab loans from Fannie, FHA, etc.

@David Fernandez - I know a couple of commercial lenders up here in Baltimore (I do residential) and would be happy to pass along their information if you want it.

Good luck.