All Forum Posts by: Joseph Chiofalo

Hi San, 

Our group works with a lot of investor buyers in the Carolinas. 

Depending on credit history and how the property would perform from a rental income standpoint you may have access to up to 85% financing on an investment property 1-4 unit purchase. 

Have you narrowed in on any properties yet?

Hi Baahir, 

What price point would you be targeting for the purchase?  

Some hard money lenders have restrictions with minimal loan amount requirements. 

Would you be purchasing in New Jersey?

Hi Sandeep, 

Some lenders have restrictions with owning more than 10 properties in your personal name for eligibility purposes. 

As of now thats not an issue for you, but if you plan on expanding your portfolio utilizing the LLC can open up more financing options for you down the road.

Hi Justin, 

How much did you purchase the property for back in February? 

On a cash out transaction lenders will allow up to 75-80% if compensating factors are met. 

How much were you looking to borrow?

Hi Jayson, 

Welcome to the community- 

There are a lot of good professionals and resources here on bigger pockets to learn and grow. 

Our group works with many investors nationally. 

Typically on an investment property purchase transaction lenders will require a minimal of a 15% down payment. 

Best of luck getting started!

Hi Conner, 

Welcome to the community- 

Many investors use the DSCR program to acquire their properties.

What is the sales price for the new purchase? 

You may be able to get up to 85% financing. 

Hi Greg, 

Great post- 

Were working on a 7-unit cash out refinance for one of your clients now.  

30 year fixed interest only payment.  Pricing is slightly better at 65 ltv than at 70 ltv. 

General guideline at least 1 to 1 ratio on 5+ units. 

Hi AJ,

Equity lines can be helpful in the right situations.  

The challenge, like you mentioned, is to qualify - the heloc is underwritten on a 20 year amortization.  

Most lenders will restrict up to 50% debt to income ratio max.  In some instances lenders may allow exceptions a bit above that with compensating factors. 

Hi Ian, 

Yes, you can put your next purchase in the new LLC.

Some lenders may allow up to 85% financing on a multi-family purchase. 

Do you have a property in mind? 

Hi Nicholas, 

Is this for a residential or commercial transaction? 

Nationwide Mortgage Bankers is based in New York and lends nationally.