All Forum Posts by: Stephen Cornell

Hi Deric, I agree with everything Zach said. FHA is a great option as it allows you to buy a property with only 3.5% down which is huge. The "watch out" for FHA is that many Sellers prefer Conventional Financing for several reasons. FHA buyers often have lower credit scores and capital reserves (not always but often) which some feel make them riskier with a greater propensity to not close. Another perceived detractor is that FHA loans come with an inspection requirement. The FHA appraiser also does an inspection and can require repairs in order for the loan to be approved. For these reasons Sellers often prefer Conventional financing over FHA. With that said I have closed several FHA multifamily deals this year. You just have to get creative with your offer and make it appealing in other ways. I am a real estate agent in CT and specialize in multifamily properties. Feel free to reach out anytime for no-obligation advice.

@Zaire Burrus sent you a DM

Hi Zaire, I am a buy and hold investor myself nearby out of Berlin CT.  I’m also a real estate agent and I primarily work with investors. Happy to connect anytime and answer any questions you have. 

@Robert Lindsley

Katie insures all my Multifamilies through Andover/Merrimack Mutual

Katie Carey

www.encharter.com

@Robert Lindsley

Send me a Private Message and I will share my multifamily agent with you. It wont allow me to post contact info here

@Aaron Baribeau all funded up front, 7.69%

@Jeff Piscioniere

Maybe consider a Personal Loan through Citizens or Sofi and refinance later.

I was able to get $50k through Citizens effortlessly, literally takes 5 minutes. They just lowered it to $15k during COVID but I bet it goes back up to $50k when the economy is reopened.

Looks like Sofi is still doing $100k

@Rachael Agruso I’ve had good luck with United Bank. If you send me a PM I can give you the managers contact info. They are a smaller local bank in CT that I have done 3 mortgages with. In comparison I’ve also used GMAC & Bank of America in the past (both National Lenders of course) and United Bank has been a much better experience.

@Aaron Knight so far Nationwide and Met Life Home have been the lowest price in CT for a DP-3 Replacement Cost Landlord policy. I have literally gotten 9 quotes and these 2 were almost dead even