All Forum Posts by: Greg Downey

@Will Gaston, for student rentals with multiple students; charge a service fee if each tenant pays separately.  

@Chris Breezy, Join the military and earn access to the VA loan. As they guys above have said though, there in no such thing as a free lunch.

Corvest is usually very competitive in these type of loans.  If you visit the IPloan exchange website in my signature line, take 5 minutes to fill out the questionnaire, we can typically get you 3 lender proposals that match your needs within 24 hours. We actually have Corvest on our platform and they are a great option.  We can help you stack them up against other options. Might as well try and see.  

@Damian Robinson, banks will definitely finance properties in an LLC. Those loans are considered "commercial" loans and have terms that aren't quite as nice as agency loans that you can take out in your own name. Most people take the agency loan out in their name, deed it to the LLC for protection, then redeed it out of the LLC ahead of time before the want to refi, if need be.

I'll do some crunching, but my first inclination, even before the numbers would be: is someone with 2.5x their cashflow already fannie/freddied out typically?

@Chris Mason, I am voting that you put this as its own forum post.  I have a feeling that it will get quite a bit of response.

@Guy Yoes

To tune in even tighter.  1-4 units is considered a "single family dwelling" and is eligible for different financing than true multifamily (5+ units) properties which would fall under commercial financing as @Salvatore Lentini indicated.   

@Deep Patel, I have a friend who has done larger multifamily properties in Tulsa and OKC.  Not exactly sexy, but I was impressed with the cashflow for a stabilized A-class property. Might be a place worth looking

Good work man.  Always good to hear about hustlers killing it.  

@Jennifer Fernéz, I wouldn't go with that type of financing for this FEW of properties.  Is there a reason that you are not considering doing a traditional REFI, then a traditional fannie/freddie mortgage?  That would be the best way to optimize your capital, generally speaking.  

I wouldn't even consider the blanket/portfolio type lending as "traditional" unless you are speaking of a conventional institution vs. private money.  The blanket/portfolio lending would be considered a commercial loan, which can have decent rates, but not compared to a fannie/freddie refi and purchase, if you are eligible.