Multi-family financing and requirements

[Rudy Bello]

Hi BP family, I have never purchased a Multi-family property before so I'm hoping I can get some advice on, what requirements lenders are needing from me? Should I find a good deal and then get pre-approved? What else am I missing or not asking? Thank you. 

[Chris Mason]

Originally posted by @Andrew Postell:

@Chris Mason what do you think of this pricing?  That is pretty aggressive for Texas.  I'm not licensed in California so I thought your expertise would be good.  Thanks!

It's fake. Call enough lenders at the preapproval stage when it's all posturing and BS, and you will get told whatever you want to hear. You know the drill. Yesterday I had a rather confrontational professor at the preapproval stage ask me to "match" 3.625% on a 30YF no points 90% LTV no PMI jumbo primary residence because someone at a 1-800 number from a website quoted him that... I wished him the best of luck with his earnest money deposit & invited him to call me back once he realized that fake quotes don't provide shelter from the rain, only homes do, so pick which of those two things he wanted and act accordingly. :P