All Forum Posts by: Diana Muresan

@Taylor Smith I close in all 50 states and do business in Seattle area as well, I have couple of agents that send me SFR, multiunit and renovation loans purchases. I do at least 4 multi units per month, I don't see the same cap rates for multi units as I see in other parts of the country but it is a solid market. We have 24 banks in the house (including US Bank as I saw someone mentioned it) and we are a bank as well. Question, is this your first MF? If so, can we show it as OO(owner occupied)?

@Phillip Massey is your portfolio of 7 SFR owned free and clear? Because on the conventional market you are capped at 10 financed properties, after that you need to enter the "gray area" of non-agency lenders (the infamous subprime). If you finance them ideally is too get as many multiunit as you can and perhaps do non-agency on SFR after

Next time you could do a renovation loan with FannieMae with only 15% Downpayment that includes the renovation costs and during the renovation you don’t need to make the mortgage payment, you can roll in up to 6 months into the loan. You can sell or refi after renovation, no pre-pay penalty 

I am VA and 203k FHA and FannieMae renovation loans certified in all 50 states. Noooo, why would you need a Hard Money lender? You could do an FHA renovation loan with 3.5% including the renovation loan or you can do it on FannieMae HomeStyle conventional with 5% Downpayment, on both programs you don't need to make mortgage payments during the renovation, you can roll up to 6 months payments into the loan amount. You can refinance on a VA loan once Reno is done. I would build all closing costs as a seller concession.

@Craig Ebersole there was a lot info I could not follow, I just picked up one item. I couldn't understand what you meant by the VA loan, do you currently have a property that's financed with a VA loan? If so I would refinance it and reinstate the entitlement and purchase a multiunit on a VA loan. I do this all the time, in all states. And since you are moving in a different state you could refinance that VA loan as a second home and not investment since you will be out of state at that point.

First of all is hard to find a lender that offers HELOCs on investment property and even when you find one it will be hard to qualify. What is the rent, mortgage, ins and tax? I am not sure your rent on a SFR will sustain a higher mortgage. You might be better off to sell and purchase a multiunit, perhaps you can even do it as an owner occupied, lower rate and minimum downpayment.

Is this the only property you have? I agree, term of the loan is too good to redo, although I didn't get all the terms of the loan, I doubt this is a 30 y fix product, so if is just amortized over 30 y, is this an arm or a ballon. Do you have funds to get another building without refi? LTV is lower on refis so having $300k in equity is not relevant. What is the value of the property? Do have other funds beside the equity that you could invest? Can you perhaps purchase another multiunit as residential since terms are better? Are you married, can perhaps you spouse get the multiunit by herself? Could you show that the multiunit would be owner occupied so you can get it with minimum down payment? That's affected by your current residence, sq footage, value etc... there are so many options, you should know what you want to do and channel in that direction, hard really to get advise from other people on what your next investment should be as there are a myriad of options, we all have different investment style and strategy...

The $500k commercial loans multi-units it's what I called the "gray area" as rates and terms are not ideal. You are better off to accrue a few 4 units since is residential and enter the commercial for loan of min $1 million. Freddie Mac has a great program for 5-75 units with loans starting at $1 million , 85% occupancy, 80% LTV, non recourse and low rates. I do a lot of residential multi units and sometimes buyers want to move up to commercial too quickly or as their first property which is not realistic. Most commercial loans also require you have the same net worth as the loan amount.

@Josue Rivera I am a mortgage lender based in Chicago and closing in all states. 

@Hai Loc what is your email address? I cannot attach PDF files here