All Forum Posts by: Eric Brantley

@John Alosio

*sense

@John Alosio

If I'm not mistaken, I need at least 20% in equity in order to refi or at least for it to make since. Right now, I don't have that much equity. So to avoid refinancing I figured, just keep the FHA loan & get into a conventional loan on the next property.

@Jacob Lapp

I'm surprised that an FHA loan on your 2nd property is requiring you to put 15% down. I'd like to think that has more to do w/ Covid provisions. Have you reached out to several lenders to verify that in your area?

@Brandon Barnes

2-unit. So are you saying that I could have a better chance of a lower down payment if it’s a 3/4 unit?

Hello BPers,

I bought a 4-plex in Blue Springs, MO (15mi East of Kansas City) this time last year. I am looking to purchase another small multi family in the near future.

I used an FHA loan to fund the first property and I have fulfilled my year requirement. I want to purchase the 2nd property w/ an owner occupant conventional loan.

My dilemma is that several mortgage brokers have told me that I need to put down 20 - 25% because it will be viewed as an investment property.

Could someone point me to a lender in Kansas City area that will work w/ me on the required amount down.

Or could someone help me understand why is it viewed as an investment property if I’m going to occupy it?

Obviously, I have a lot to learn about how lending works, but hey this is a start.

@Mike D'Arrigo

As the days go by, your statement is becoming more & more evident. Totally makes sense as I watch it play out first hand.

@Dave Spooner

Thank you, Dave. I appreciate the feedback.

@James Ma

I like the pre-screening questions before applying. I have 10 standard questions that I ask as well, but I’ve only asked them to tenants that viewed my property in person. Do you think I should put “contact me” before submitting application? The con to that would be the additional calls/emails that may not be as serious.

@Mark Heap

Thank you for such a sound perspective. I would definitely prefer the longevity of a better tenant/planner over many other options. I will begin my due diligence today.

Thanks again,

Eric

@Andrew Lynn

Off 70 & 7-hwy. Do you have any rental property in the are?