All Forum Posts by: Account Closed

@John Murphy

Thank you so much.

What are the best books on multifamily a new investor must read?

@Randi Plevy

Thank you for your feedback. My agent told me it is normal. He also said that if I was putting 20% downpayment, they will require 10% for escrow. I have a lawyer who is representing me.

@Dan Maciejewski

Thank you.

@Dan Maciejewski

Thank you for your feedback.

I am buying a small multifamily in New York with FHA loan. Which I'm putting 3.5% down. I am represented by a realtor.

I am the only buyer. I'm going tomorrow to sign the contract with my lawyer. They are asking me to write a check of $18200 which is my full downpayment. Inspections was done last Friday and it went great. I need two months due diligence. The property will be deliver vacant.

What is the percent deposit for escrow account,

They are asking me for 3.5% is that normal?

@Jack Medford

Thank you.

@Bryan O.

Thanks

@Spencer Abeyta

Thank you

@Jack Medford

Thank you for your advise. I have not ask the seller that question yet. However, to my surprise, the apartment was very clear and in good condition. I did my inspections this past Friday and everything went well. I also told my agent I need the property vacant or the seller can reduce the price during the 12 months I may not get pay, eviction fees and lawyers fee. We are waiting to hear from the seller before we move forward.