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David Mesteth
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Refinancing, financing, private

David Mesteth
Posted Feb 1 2023, 20:43

Currently looking for my first multi family deal, when I find one, who is best for loans, are private loans best? I have the option of refinancing my current home also but looking good for as much information and understanding as possible.

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Replied Feb 1 2023, 20:47

Great question! there is so many different options to work with, I would recommend to talk to @Erik Estrada he is a LO and is professional at Investment properties 

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Erik Estrada
Lender
  • Lender
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Erik Estrada
Lender
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Replied Feb 2 2023, 14:21

Hey David, 

If the goal is to come out as little out of pocket, taking some cash out of your existing property could make sense to fund the downpayment on the purchase.  

But there are a few questions that come to mind: 

1. Does the multifamily need any rehab work? 

2. What is your current LTV on your home and your interest rate?

3. Have you created an LLC? (a lot of private lenders lend out to entities only)

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User Stats

17
Posts
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David Mesteth
9
Votes |
17
Posts
David Mesteth
Replied Feb 2 2023, 19:45

I do have an LLC. What is a LTV? And I'm currently in the market searching for my first deal.