All Forum Posts by: Nick Giarratano

 I’d be happy with 75 percent. I’ve had some push back concerning cash flow in the deal supporting the new mortgage amount. So I guess a better question would be what type of lender should I look for that will get me the the full 75 percent and also what will the terms be like as far as length of loan and will interest rates be higher than a normal 20 year commercial mortgage. 

I’ve also had issues do a cash out on my two properties. I won’t be looking to re fi those anytime soon because my interest rates are so low with them but when I do my current lender has said they will be limiting how much they will lend based on the properties tax returns. 

We currently have 2 duplexes and looking to expand our portfolio by using the BRRRR method. We have enough money in HELOCs and cash to fund the purchase and rehab steps.

However we have been having trouble finding a lender that is willing to allow us to get the full 80 percent loan to value in a refinance. Wondering  if I should reach out to local credit unions or maybe a mortgage broker? Where do most people turn when looking to get a 20 year mortgage on a property that own outright? 

@Jaysen Medhurst thanks so much for all the great insight!!! You’ve been very helpful 

@Jaysen Medhurst yes I agree I’d like to find something other than fha...I do not like having to pay mortgage insurance....where would I find products like that? Also how much would those down payments be?

@Jaysen Medhurst originally we had planned on moving and doing fha but most 3-4 unit properties have very small apartments and would be a pretty big downgrade from where we live now. Although if the perfect property came along we would strongly consider it.

My wife and I currently own and occupy a 2-unit property. Things have been going great and we are going on 5 years living here. We are looking to buy a second property hopefully a 3-4 unit.

Most of the properties In favorable condition have been in the 125-150k price point. Our main problem right now is that if we don’t plan to move into the property then every lendor I have spoken to considers it a commercial loan which makes the down payment 25% or 20% at best, which would wipe out more of our savings than we are comfortable with.

Does anyone know a mortgage product or lendor that will offer something for a non-owner occupied investment with less than 20% down, preferably 15% or less?

@Alex Olson ya that does help. I agree that ppl so have reserves. I was more referring to the fact that in PA no one is allowed to tour houses for going on two months now. I’m also interested in small multi family properties. So my though process was that ppl who have had their property on the market for a few months and we’re already motivated to sell for some other non covid related reason may now be anxious to sell because everything has been on hold now for so long.

Looking to invest in PA. As properties become available to tour will sellers be more likely to negotiate on price after having to wait so long to sell their property?