All Forum Posts by: Andy Kam

Happy New Year All. Im relocating to NYC after I sell my business (hopefully within 3-6 months) .   Does anyone know how i can get a loan for mixed-use property or a 4-6 unit residential property? Will these considered commercial loans? If so are the requirements similar to residential loan (up to 4 units)?  I cant decide which type is worth the investment. I plan on selling my business so I wont have any stream of income but willing to put a larger down payment.  So should I buy a property before selling my business? 

Many Thanks,

Andy

@Chris Mason. Thank you for the response. I’m trying to purchase an out- of State 2-family property for my parents. Read few articles where Under Family Opportunity I can apply as Primary/secondary & not as investment property. Just trying to see if anyone has done this route.

After few calls today its virtually impossible. Realized that Multi-units are considered as investment property.

Thanks for all your input.

Has anyone experienced with Family Opportunity mortgage loan? Seeking a loan for multi-family property in New York. Will a jumbo loan qualify?

Any advise is greatly appreciated.

Thank you,

Andy

Thank you for the advise.

Hello All, 

I've been reading so many great posts here. Thank you for the insightful knowledge.   This is my first post here. I'm looking to purchase an investment property in New York. I currently live in CA.  Is it better to search for a New York Mortgage lender?  Or get a local one here in Los Angeles CA?  I called one local mortgage broker & he doesnt do out-of-state lending.  

I also have a small business (S-Corp) and was wondering if I should use my company to finance the property?   Pros vs Cons?

Any info would be greatly appreciated.

Thank you,

Andy