All Forum Posts by: Jason Million

Brandon,

I can connect you with a few colleagues I have in the Capital Markets.  That can offer you Premium Pricing.  Usually much better than most banks.  I've facilitated many apartment deals and I'm very familiar with the process.  

@Greg Downey  Email me 

@Jesse Gargus-Smith A traditional conventional loan min credit score is 620 this would be for Fannie Mae/Freddie Mac backed loan. Although, FHA does allow financing down to a credit score of 500 with a 10% down payment. Most likely you'll need to find a nondepository lender (ie not your local bank)

Banks and lenders normally have extra risk overlay on top of the minimum required by FHA. You will want to find a lender or broker who has zero overlays and can loan straight to FHA guidelines. This should be your first question if you start to call around. Or if you need a few recommendations let me know.

Your other option is to buy it as a straight investment property (ie don't live in it) and use a portfolio lender. Higher rates and requires more money down. But you could always bring in a partner to invest together -JV the deal.

@James Yoder  I'm local here in Fort Wayne.  Let's connect.   

@Ansel Blanco Your easiest strategy is to refinance your current property into a conventional loan. Fannie Mae allows up to 97% LTV on rate& term refi's. Then once done you can buy the triplex as an FHA, but will be required to live there. Hope this helps a little. Let me know if you have nay specific questions!

@Bruce May  PM me and I can help you connect with a few different contractors I've used in the area. 

I' posting this for a Client of mine who wants to sell.  This is 2 houses on one property.  Combined rents would be $750 a month.  List price is $25K and low property taxes - $855 a yr.  

View it online here: http://irmls.paragonrels.com/publink/default.aspx?GUID=7d571cd2-2d04-4bfc-b5e3-42affc358985&Report=Yes

@Marc Izquierdo The 10 conventional loans refers to having ten loans insured thru a GSE - either Fannie Mae or Freddie Mac. Keep in mind, this includes your primary home loan too and also there are additional credit and income requirements for 5+ loans to qualify. Now there are conventional financing options that are non-GSE backed. These will tend to have a little higher rate but they will allow you to amass many more properties and leverage your position. The other option is to dive into commercial financing. The benefit of commercial loans are you run them thru your business (normally with a personal guarantee) there is no personal debt to income used just the properties DSCR and they don't show up on your personal credit either because the loan is in the name of your company.

To me, I believe that if someone is looking to amass a large portfolio commercial financing makes the most sense.  

Hope this helps a little!  Let me know if you have nay other questions!

@Nick Vought When you refinance and close on the new loan for the current property. 

@Nick Vought Yes, correct. There is no set time limit that you have to live there after you refinance, just as long as it is your primary house at the time of closing and you still occupy the property.