First post here so I'm looking forward to the feedback. I have many many other questions but I figure I'll ask them a little at a time to make it easier to digest:
I'm interested in a 7 unit multi family property in East Stroudsburg PA that supposedly has a "cooperative" lender on board for the short sale and they just lowered the price $20,000 which makes me think that they do want the property to sell.
I've never dealt with a short sale and the fact that the listing agent tells me the lender is "cooperative" makes me believe the bank is local.
I am not cash rich, I have lots of equity and some investments so I'm looking for some way to:
1) find out who the current mortgage holder is and approach them directly. (is this a smart idea?? figured this would save time and money)
2) package up my first multifamily purchase attempt in a way that I can get in with very little money out of my pocket
3) use the leverage that the property is fully occupied with rental history and my current 29yrs on the job to help the bank see that my buy and hold history make me a better risk than the previous owner who's current circumstances put him into a position where he needed to short sell the property.
I own my own home with a small equity loan, I own a rental property mortgage free, I own acreage in PA already mortgage free. So you can see I've been through the mortgage process a few times over the years. This will be my first multi-family attempt. I will even consider keeping on the management company for the first few years if that sounds like it would be helpful. I'm extremely handy so the repairs are not the issue, I know the management companies typically do a lot of the tenant interactions which would benefit me since I'm an hour and 15 minutes away, so it would be like I'm keeping a local presence that the tenants are already used to.
I've been communicating back and forth with the listing realtor, who also works at the building management company that manages the property. She has been great providing the information that I've requested so far.
I know that this unit will hit the "commercial" loan status due to the number of apartments (which is ridiculous since you can barely rent a parking space in New York for the price of this income property). But there has to be a way to package this up and make it go smoothly. I think with the right set of hands and eyes, this place can easily carry itself and put a few dollars in my pocket.
