All Forum Posts by: Account Closed

<4 unit is residential loan, more borrower's credit based lending. >5 units is commercial loan, more income/expense of the property based. For commercial loan, you need to figure out the NOI to debt service (mortgage payment) ratio. Most lender requires ratio greater than 1.25.

If you have difficulty finding people lend you the down payment, you can start wholesaling in real estate. It requires little to no money. But you need to spend a lot of time and effort in there. 

People go to hard money lender for buying and rehab together one loan. But it requires 20-25% of the purchase price as down payment. The down payment is usually from a partner, or friends and family if you don't have it yourself. 

You may do a per square foot price with the single homes around, then multiply the sq. ft. of the duplex, then adding 10-15% buffer to the final value.

Getting a value-add rehab loan from a hard money lender for the rehab and then refi to a long-term loan should be doable. As it is vacant for 10 years, to prove the value and can attract tenants in the future is something that can discuss with the lender. 

I might be biased as I am in Charlotte area and would suggest the adjacent city Gastonia, NC as a good investment place. Gastonia is close to Charlotte, it is absorbing the overflow from Charlotte. The house price has ramp up too much as Charlotte does. In addition, there is a silver light rail line project has been approved. The line runs from Gastonia to Charlotte uptown. So I believe it is a good place to invest. Good luck.