About to get my first investment MultiFamily

2 Replies

Hi biggerpockets! This year i decided that its a time to start investing in a multi-family as a first investment in my life. Why? Because i wanna start bigger.

I know many investors here are very professional and i would like to get a little help from you guys.

So here is the story. Im 27yo and i moved from other country 3 years ago to the USA , my credit score is 700+ but its not long enough , its about 10months old. Im trying to work hard to get the credit the best i can like leasing a car and use a credit card.

I saved 100,000$ and i feel like im ready to buy a multi family property around 70k-90k each unit.

My questions are: 1. Any recommendations how i can get a loan/mortgage with that kind of credit score(700) for investing?

2. Can you guys tell me in a short story what is the process to get a loan? Should i go to the bank first to know how much they can lending me or to pick an investing first and than i should go to the bank? I just dont know what is my average property price that i should look for without knowing what is the loan that they will give me.

3. What you guys thinking about Florida multi-family market? What you guys thinking about Philadelphia area? What you guys thinking about Houston ?

4. Any other states/cities you guys recommend me to take a look for multi-family investment?

5. What the most important questions to ask the seller about the property ?

6. What is the solution if i cant get a loan from the bank because my credit score?

7. THANK YOU SO MUCH !

Lots of questions!

Recently joined a group in Salt Lake City, with National Reach.

Yesterday called a guy i met at last weeks' meeting to begin discussing a zoning issue and his interest in a property if I get it zoned commercial.

Search for National Real Estate Investors Association 

Find the Association in your area.  

Originally posted by @Shimmy Yose :

Hi biggerpockets! This year i decided that its a time to start investing in a multi-family as a first investment in my life. Why? Because i wanna start bigger.

I know many investors here are very professional and i would like to get a little help from you guys.

So here is the story. Im 27yo and i moved from other country 3 years ago to the USA , my credit score is 700+ but its not long enough , its about 10months old. Im trying to work hard to get the credit the best i can like leasing a car and use a credit card.

I saved 100,000$ and i feel like im ready to buy a multi family property around 70k-90k each unit.

My questions are: 1. Any recommendations how i can get a loan/mortgage with that kind of credit score(700) for investing?

2. Can you guys tell me in a short story what is the process to get a loan? Should i go to the bank first to know how much they can lending me or to pick an investing first and than i should go to the bank? I just dont know what is my average property price that i should look for without knowing what is the loan that they will give me.

3. What you guys thinking about Florida multi-family market? What you guys thinking about Philadelphia area? What you guys thinking about Houston ?

4. Any other states/cities you guys recommend me to take a look for multi-family investment?

5. What the most important questions to ask the seller about the property ?

6. What is the solution if i cant get a loan from the bank because my credit score?

7. THANK YOU SO MUCH !

 You should pick a property that you like and think you can afford, by analysing it, lets say, on Zillow mortgage calculator and include all other possible expenses needed to maintain the property. 

I can give you a mortgage broker that I used. Give him a call and have a chat. He should be able to tell you without pulling your credit approximately how likely you are to get the property you picked. Just give him an address of the property and answer some questions so he can determine your debt to income ratio.