All Forum Posts by: Michael Moikeha

Your local banks and local credit unions will be the ones who can help you out the most. They typically are more willing to work with people than the bigger chains, and have more leeway in their structuring.

You can also sit down with the head mortgage officer from an institution, versus someone who can only follow the numbers in the book.

Congrats! I am hoping to be in your shoes very soon myself! First place is the hardest. Only gets easier from here!

Congats. I look forward to seeing how this deal goes for you.

Welcome to the BP family! There are great articles and threads on here for commercial REI. I would also suggest finding a reputable REI group in your local area to network and meet up with people who specialize in commercial.

Good Luck with your number crunching! You can always bring your numbers to the forum here, or take them to a local REI group and get some help analyzing them. Nothing is better than working numbers on a real property with someone mentoring you along the way!

For the most part this looks good. I would suggest finding a local REI group where you can meet and network with professionals who are located in your market.

Be your personable self, and you can find yourself a mentor who can help walk you through the process as you go!

Pull the trigger now.

I am not saying buy, but what you are really looking for is rental history. If you find a quad that has great rental history, and minimal deferred maintenance, then you will be pretty safe.

As a rule of thumb though, and what some banks may require, is a 3-6 month reserve.

In your first MF, they do not count rental income as a source of income until you have 6 months experiance as a landlord.

If it is a property that you are worried will not last on the market, then you need to find a buyers agent who can lock it in for you, and make that happen without a proof of funds while you finish that process with the bank.

If this property has been sitting on the market, and you have nothing to worry about, then go ahead and get pre-approved and move from there.

Have you tried to work with local banks or credit unions? They are usually more likely to work with their customers, and have a little more leeway on what they can and can't to. Most of the time you can also sit down with the head of the mortgage department versus talking to a rep who follows the rules in the book.

Most important is just knowing what you want, so when you create a plan of action, you know how to get there. It sounds like you know what you want, and you know how to get there. If you are at the stage where holding now gives you the cash flow you want, then you could not ask for better rates!