All Forum Posts by: Dave Skow

@Vidyadhar R.- thanks   1) ask present bank / lender   2) ask the lender that is providing the  construction loan 3)  check out all the local  smaller to mid size  lenders  close to the  site 4) contact any banks / lenders  you have  relationships with 

@Andrea Evans-  get  pre approved to see a  lender  can accept your  explanations and also to see if can  qualify 

@Shane Duncan= move into 1 unit ...house hack ...both conv and FHA loans are available with 5% or less down payment

@Jane S.- thanks for the update - good luck

@Grant T.- thanks for the post  ...fyi - if you will need to use a loan to buy - make sure you are  pre approved for both the multifamily  (  1-4 unit)  idea  as well as the apartment building idea ....these are 2 different  scenarios as the apartment buidling will need a  commercial type loan

@Dino Garcia II - thanks - I belive you cant " partner " up with any relative to get a new VA loan

@Jane S.- sounds like you have  already  figured out  what you should do .....also  - fyi  regarding  any  seller  credits  you can  obtian ....if you believe that you  will sell the property /  refinance the loan or  possibly pay it off in short term - dont use the seller provided  concession to buy rate down -  ask for the  price to  be  decreased  ...if you think you will carry this loan for a longer period - consider the  buy down  rate/ fee options 

@James Burciaga   thanks ..use a standard  cash out refinance... if you plan on carrying the  debt for awahile  ( >  5 yrs)  .....consider the  lower rate. higher fee options ....if you plan to payoff the loan in the  short term- consider using the  highest rate with lowest  fee options  available 

@Kayla Prange- thanks ...if you are planning to use cash to acquire - great ....if you will need to use a loan to acquire the property : 1) make sure you are fully pre approved so you are understanding all the numbers and required cash needed and present rates / fees 2) ask your lender if they can accept STR as not all lenders will 3) ask the lender if the size of the property will be OK ( this might depend on if appraiser has decent recent sales comps to use in the appraisal report

@Dylan Greytak- trust your  gut instinct on this one ....