24 October 2018 | 12 replies
There certainly is a cost to the broker but a local/regional bank typically has a portfolio allocation limit that may limit what they can offer you no matter how good the property is.
27 June 2019 | 20 replies
Typically, the down payment required gets bigger the more units you buy.Lastly, what are the cash reserves required on the property (duplex) I'm departing, and the next property I buy (I'll be aiming for a triplex)?
4 September 2018 | 1 reply
Is this a typical cost to get started?
1 December 2018 | 7 replies
Any legit contractor with proper experience, a decent rep, a gc license and insurances can typically be approved.You absolutely want a Lender with plenty of 203k experience....they may give you a couple of contractor names they have approved, or not.
5 September 2018 | 7 replies
Are they typically taken out in their own name?
6 September 2018 | 3 replies
Based on very little information and having to make assumptions such as no additional income beyond rent (Garage rentals, laundry etc), vacancy of 5%, expenses for 30 units buildings are typically between 40-50% depending on class of property and age of building, assuming class C.
5 September 2018 | 1 reply
My goal is to create instant equity, get 3-5 years of accelerated debt-paydown and end up with huge equity (or paid off properties)...typically selling or paying off the property at that point.
5 September 2018 | 5 replies
"How you doing, your family member is selling me the roof over your head and you need to leave" doesn't seem like a good conversation starter.Lastly, is there an industry standard incentive that typically works to motivate "tenants" to move out sooner than later?
5 September 2018 | 2 replies
Non-occupied conventional loans will typically require 25% down.Again. discuss this with your lender and be honest about your intentions...they may have a work-around.
11 September 2018 | 42 replies
In other words, take your time in putting together a good property with good paying tenants to get the best valuation for refi or exit.Most lenders can do 70% - 75% LTV max.Expenses for MF typically range from 30$ to 40% of gross rents.