All Forum Posts by: Aaron Funk
Aaron Funk has started 2 posts and replied 4 times.
Post: Kansas City Out of State Investment
- Posts 4
- Votes 1
Hello All,
I live in a high cost area in the northeast and am evaluating OOS investing options. I'm interested in learning more about investing in Kansas City, MO. I'm primarily interested in small multi-family (duplex, Tri, Quad). Are there certain areas or neighborhoods that people have had either success with, or have found should be avoided? Any information at all (pluses and minuses) about KC as an investment opportunity would be very much appreciated.
Thanks,
Aaron
Post: Current Mortgage Rates - Small Multi-Family
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- Votes 1
I don't have a specific property yet. I live in Massachusetts, but am looking both in state and out of state. I needed a starting point for mortgage rates to do my deal modelling. from your experience, should the interest rates vary much by geography or are they relatively uniform?
Post: Current Mortgage Rates - Small Multi-Family
- Posts 4
- Votes 1
Thanks for the reply Matt. Do you have any private lenders that you can recommend?
Originally posted by @Matthew Crivelli:
Yes, 4%-5% is common. on the conventional side rates will continue to rise from here on out. They have changed their guidance on investment loans. No more free ride. You might as well go with a private mortgage company as the rates are the same if not better and you don't have them turning over every stone to make sure you fit a box like a bank does.
Post: Current Mortgage Rates - Small Multi-Family
- Posts 4
- Votes 1
Hi All, I'm a newbie to the REI world and I'm interested in starting my investing journey in the small multi-family (2-4 units) universe. My question is around current mortgage rates. The mortgage broker that I've worked with on my primary residence provided me with the following for small multi-family investment properties.
30 yr Fixed mortgage: 4.75% w/0.75 points with 25% minimum down payment
I did not have a specific property identified, but I wanted to get a baseline mortgage rate to use when analyzing properties. a Few questions:
1) how much does the specific property (assuming they are all small multi-family in this case) impact mortgage rates? By this I mean the condition of the property, the location of the property, etc.?
2) Are the rates that I posted above what others are typically seeing in the marketplace for a credit score close to 800?
3) besides a traditional mortgage broker, what other sources do you recommend using to find lending? Do you recommend calling individual banks and credit unions in addition to using a mortgage broker? If so, how important is it that these institutions be local to the property in question? Which online lenders have people had good experiences with (i.e. Better.com) and what are the pluses and minuses of these lenders vs traditional lenders?
Any other advice regarding financing from more experienced investors would be very much appreciated as well. Thank you in advance for your help and advice.
Best,
Aaron Funk