All Forum Posts by: Spenser Murphy

Thank you

I know for residential multifamily properties (4<units) banks are looking for 25% down. I understand that commercial loans (4>units) are more flexible. Is 20% down feasible? What are banks requiring?

Is private money viable to purchase rental property? The high interest rates would consume the cash flow.

I keep reading that local banks are more willing to work with you on investment properties. Is this true? What are your experiences? Thanks

I keep reading that local banks are more willing to work with you on investment properties. Is this true? Any suggestions for local banks? Thanks

@Eric Smith I have a spreadsheet I use to calculate rental cash flow. The mortgage from a purchase price consumes most of the cash flow. In addition, you can't lower the property taxes. The 2016 property tax rates are a major expense. They didn't raise the actual tax rates, they simply raised the property's valuation. Effectively, raising the "tax rate". I've found "TLC" (Not fixer uppers, but burner downers) multifamily properties, I don't want to sink a mint into it.

@Tim Macy I don't factor in appreciation into my calculations. If the property appreciates great, but it's too long term for me to bet on. You only realize appreciation at sale or on a HELOC. How does the election affect the market?

Thanks everyone

I've looked at seller financed properties. The interest rates are really high (10-12%). Novice question, how do I find multifamily wholesalers?

I search MLS and Redfin daily for multifamily properties. Decent duplexes go for impractical prices. The retail prices cut into the cash flow. You can't do anything about property taxes. Is buying at wholesale a cost saving strategy? I'm determined to make my first purchase. Everyone says to get creative when you encounter obstacles.

Thanks