All Forum Posts by: Jim Blackburn

Make sure to identify the risks and worst case scenario in the short run and long run. 

Tina & Alex are awesome! 

25% down for investment multi family.  There are some programs with just 15% down for investment if single family or condo.  Also there are some programs with just 3.5% down for 4 unit but only if primary residence.  

so for this you are looking at 25% down plus closing costs 6-7k.

Buy your first 4 unit as fha primary residence. It''s the only time you will get to buy and control 4 units with just 3.5% out of your pocket.  After that you will need 25% everytime you purchase a multifamily.  jim

Make the 25% down payment requirement wit the 62k from the HLOC. Keep your cash hand on for emergencies and opportunities.  Keep in mind your hloc payment will go up if rates rise since it's variable.  Jim 

My mother lives in Warren.  Typically when doing major reno work, a certificate of occupancy is required by the city.  If the work is not major, and was done in a "safe work manly manner" then you can get away with financing with Fannie/Freddie without the city signing off, as long as appraisers puts those comments in the report.  Let me know if that answers your question.  

I had a deal like this in the past in Florida where took 65 or 70% cash out of 4 free and clear homes under 1 blanket loan.  This sounds like a similar situation.  What is the value of each property and how is owed?  

@Account Closed  - Also, non-warrantable condos. all the lenders that I know of will require 20% down for primary residence and 40% down if it is investment. ~ JB 

@Ben Kirchner - I know of a 3 good lenders who specialize in non-warrantable condos. Not supposed to promote in forums though. PM for info if you like.  ~ JB

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