All Forum Posts by: Wells Lange

Thanks everyone for the input. So I'm looking at 75% LTV max and a 20 or 25 yr term? And they would either loan to me as an individual or only to an entity depending on the lender?

What are my options for financing a small apartment building (5-10 units)? Will I only get a loan to an entity? What LTV should I expect and what other issues am I going to run in to?

What's a phonebook? #millennial

Best of luck!! Lol! I'll wait to see what the pros say....

Meybohm

Another market in Poughkeepsie, is the short term rental market. West Point is only 30-45 mins south and they have many class weekends, football games, and other events where cadets or family of cadets look to rent for a long weekend or for a week. You could get $1500-$2000 for a weekend for a house that sleeps 8-12, with maybe 15-20 marketable weekends a year. And you don't have long term tenants--and you could use the house too

Great job

Or to ignore the hassle of a FHA 203k or construction loan, you could conventionally finance the house, put your 20% down, then finance the renovation by other means--credit cards, personal loan, car loan if you have equity, private money from a relative?

Or to ignore the hassle of a FHA 203k

Get creative