All Forum Posts by: Dave Skow

@Beruk Lessanework- use a conventional loan and avoid a FHA loan ....3% down is possible with decent pricing and mortgage insurance ...if you can put more down - pricing will improve

@William Coet- very unlikely to find the combination of  5% down / multifamily and a 5% interest rate

Quote from @William Coet:

Are there any 5% rates for multifamily 5-10 units?  I am looking at a deal that will only make sense with such a 5% rate for a 25 year term and 25% down.  I do not want to put more down.

Thank you

@Rajaa Boulassouak- thanks ....if this property is an investment  property most lenders won't be able to assist with a loan for a rental property that's a manuf home 

@Samantha Zanotelli- depending on the price and loan amt needed - there are lenders / programs that allow 10% for a jumbo loan scenario ...the payment reserves  requirement will likely be 12-24 months of payments  and you are able to use part of any retirement account balance to meet this requirement 

@Aubrey Adams

Thanks for the post / question -I would recommend developing a hypothetical plan  ( purchase price / loan amt needed ) and get pre approved ..this process is free and it will help get you organized and also to educate you  in many ways ..if you never end up buying - no worries and no costs have been wasted 

@Kasondra Milton- hi there ...thanks ...Raised in the fairport area ...live on west coast now ..last summer I had to return to Roch area to help with a family illness  situation ...I stayed in a AIRBNB that was close to Strong hospital for 3 weeks ...in my search for places - I must say I was surprised at the lack of options ( at least at that time ) ...that being said - I agree with your comment about the fact that Greater  Roch  likely  wont  attract a large amount of renters consitently  ( outskirts  like  finger lakes are a diff story ) - thanks and good luck

@Bacongo Sandou Cisse- thanks ...if you will need financing - make sure you can get pre approved  or have access to funds to use to buy  before you spend too much time looking for proeprties - thanks 

Quote from @Giman Kim:

Yeah we're thinking about sitting and observing for a little bit and instead, work on saving more money for downpayment & cash reserves and paying down our principal for our property in Cambridge, Mass. We just saw few target properties go from active to contingent/pending status on MLS, it's hard to land on good cash-flow/turn-key property with low inventory nowadays. Thank you all for the input!

thanks - the above average properties will be seen and snapped up ...if interested in buying another property - get  pre approved so you can be prepared  to make an offer if a good property becomes avaiable - good luck

@Su Pak- thanks ...terms seem high and cost seems high for a DSCR loan .....are you not able to obtain conventional loan ?

@Charles Burgess- unlikely to locate a lender able to do one loan one 6 properties ...try the lenders that have the current loans ...try the banks / credit unions in the  area of the properties ...try reaching out to the lenders you have relationships with .   Make sure you have " partial release "  criteria  in any loan you might fine ....this might need to be a " commercial loan "..good luck