All Forum Posts by: Randy Forcier

Does anyone know if it’s possible to outfit your primary residence with Solar Panels and to use the excess electricity for multifamily investment properties spread in a given area? Kind of like creating a HUB.

Not sure that makes sense but I have a number of properties in a specific town, as opposed to putting solar panels on all of them I wonder if it’s possible to do it all at one location for the benefit of all the properties.

Thanks.

@Duke M.

Although a commercial loan is possible in this situation, given your circumstances and what you’re looking for a residential loan will probably make more sense for you.

In this case DTI is very important. You should know that you can use 75% of the monthly current rent as income when qualifying, if there is no current rent (because a unit is vacant) an appraiser will assign a monthly rent figure to use based on the market.

I've been in the business for a while, I find that because rent can be used to qualify that in general DTI is less of an issue for borrowers buying Investment Properties then the larger down payments or reserve requirements.

Best of luck.

Hey Ben, I invest primarily in Biddeford as well and Im always open to some networking.  If there is anything I can do to help let me know.

Hey Ralph, I focus primarily in Biddeford and have had good success over the past 12-15 years.  The market has gotten pretty competitive in recent years but there may still be some opportunities depending on what you're looking to do.  If you're ever in the area and want to grab a coffee and discuss Real Estate let me know.

@Aaron Wells I agree with some of the others that have replied, it definitely makes sense to talk to a bank or lender about your loan options.

If keeping your down payment as low as possible is a priority then you'd like be looking at an FHA Loan but there may be other options.

I am a licensed Loan Officer in MA and have been doing it a whole, if I can help in any way... even if it’s just for unbiased advice please feel free to reach out.

@Ken P. I believe we met at a BP Meetup at Run of the Mill a few months ago...

Outside of Real Estate Investing I'm a Loan Officer with Norcom Mortgage in Saco, ME and I actually know @Harrison Smith pretty well. I have a lot of experience with Fannie Mae HomeStyle and/or FHA 203Ks Loans and would be happy to have a phone discussion or meet for a cup of coffee some time to discuss more.

Happy to help a fellow BP Member any way that I can.

@Michael J Scanlon

Non occupant coborrowers are not allowed on 2-4 unit FHA purchases, only 1 units.

I believe the guidelines were set to prevent people from using straw buyers to purchase investment properties with a low down payment.

Hey Tim,

My focus is in Biddeford, I currently have 38 units with another 10 under contract.

@Blake Dowe what is the LTV you are being limited to by Northeast Credit Union? I imagine 75%? I always heard that Camden National got pretty aggressive with the LTV they allowed on Helocs but have never done business there personally.

Thanks for responding @Andrew Gingerich!  Yeah, where I live in ME they are not typically used.  My understanding is that I would set it up in Delaware and I would be good to go.  I'm not sure it's all worth it or not, I'll have to do some research (maybe find that podcast) and maybe this post will pick up steam in the meantime.  Thanks again.