All Forum Posts by: Darnell Lockett

With friends who invest in the area and a good property management company, I believe you should look to purchase now.

And as others have said, find a suitable property, run the numbers, and take action.

I wish you all the best.

Hello BP, and greetings from Switzerland.

Simple question, not so easy background:

Will we be eligible for a conventional loan (Freddy Fannie)?

WIthout knowing much more about you and your wife's situation, it would be hard to 

Background: my wife and I are currently living in Switzerland. She is US citizen, I am Swiss. She is self-employed with tax optimized income. I work for a big IT company on a salary. While she has a great credit score, I do not have one at all, as I never lived in the USA.

When we invested in the past from abroad, we were only able to qualify for an asset-backed commercial loan.

Now we are planning to move to the states within the next 12 months and would love to purchase a triplex or four Plex on a conventional loan for House Hacking, as soon as we arrive in the US.

Will banks be willing working with us when I have the regular income and she has the great credit score (combined we are the ideal candidate) or will the look at us as individuals hence refusing working with us?

Looking forward to your qualified opinion.

@jaron I could probably come up with $150k, a far cry from 750k(3M) or even $375k(1.5M).   Everyone is very pro partner but I fear the getting screwed royally by some guy that knew enough about Commercial RE to con me into losing everything. I know that my be illogical , but the trust factor dealing in these sums of money is a real thing dealing with strangers.

@jscott I can't tag you for some reason. Realistically, how do you meet these people? ex: A bigger pockets post?  Hi, I'm a late 20s RE minded investor. I make X at my dayjob and I'd like to retire.  I've got X saved.  Would you and your friends like to fund my ventures for 45%?

lol. I guess its the networking aspect of RE that I've come to read is very important..

@Jared Bandel Appreciate that!  

@Darnell Lockett I'm Finance at a car dealershop so I'd love to get insight into the banks POV.  So a deal could be judged based on its potential to make money and not its current reality with a negative CF, for instance?   The sponsor comment goes back to my original issue of where the hell are ya'al finding these people??

@Andrew Syrios You're absolutely right.  The problem is, another tri cost me 120+.  Liquid, gone.  I don't have the financial ability to keep repeating this process without this taking years and years.    

 @Darnell Lockett, I am curious what is considered enough investing experience to move up to multifamily?  My husband and I have 9 single family properties with a 10th under contract.  We are looking to move into multifamily somewhere in the range of 12-20 units.  Do we have to partner with someone?  Also, what type of documentation are investors required to provide to the lender regarding the actual property, to help "sell" the deal to the lender?  I figure if we know how to sell the deal to the lender, we will know how to underwrite for ourselves.  Thanks!