Does anyone have any recommendations of who to use for financing my fourplex? I have the 25% to put down. I am in the Clear Lake/ South Houston area.
I recommend @Andrew Postell from Gateway Mortgage. He helped me with my TX 4-plexes. Couldn't have been a better experience.
@Brendan Flannery I'd love to help out. I'm here in the Houston area if your looking to talk about putting a deal together.
I can vouch for @Andrew Postell ….very good communication and knows his stuff. Only question is whether this is a distressed property or not. If so, you may need to consider a HML.
I use Capital Concepts Inc for most of my deals.
@Joel O'Leary and @Tony Castronovo thanks for the mentions. Greatly appreciated! @Brendan Flannery there should be plenty of lenders that can help you with 25% down. Even some of the other lenders mentioned here are good too. I do have a list of questions I would recommend asking your lender when you are interviewing them:
- When do you start using rental income to help me qualify? (the answer needs to be immediately)
- How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
- What is my minimum down payment required? (not so important but if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
- Can I change title to my LLC?
- Do you sell your mortgages?
- What is your loan minimum?
- Can you explain to me what your reserve requirements are?
Let me know if there is anything else I can help with. Thanks!