All Forum Posts by: Matt Schreiber

Hey @Eric S Charles I called a handful of them. I haven't had much luck with the few I called in Wilmington. I found one in Utah that is pretty investment friendly and I found a good portfolio lender in Rochester who lets you do 20 percent down on a 4 unit and then he lets you do a HELOC as you make the monthly payments. I'm not really bias towards any specific area so I was hoping to find lenders who would allow 10 percent down in any market for an investment property.

Does anyone know of an investor friendly credit union in Wilmington, NC or really anywhere in the country. I found a credit union in Utah that allows 10 percent down for multi-family and single family investment properties and I was trying to find that in some other areas. Thanks. 

Thanks @Martin Grizzanti. I'll give them a call. Do you know any Rochester lenders who would allow less than 25 percent down for a multi-family? 

Does anyone know if there is a way to do less than 25 percent down on a 4 unit property? Are there certain types of lenders that would do something like that or is it 25 percent minimum across the board? Thanks. 

Thanks for all of your insight. I spoke to a different lender who was able to take the projected rent for both properties and count that so it kind of fixed the problem. 

I was looking to buy a duplex or a fourplex out of state in a B class neighborhood. I was looking at single family properties in North Carolina, Tennessee and Alabama but I didn't see as much multi-family in those markets. I don't really know where to start when searching for cities that have a lot of multi-family opportunities. Does anyone have some markets they could recommend that I could focus in on? Thanks!

Here is my situation. My rent in New York City is $2,400 per month. I split it with my girlfriend but the lender said the full $2,400 counts against me as debt, then I own two rental properties which I just purchased that add another $2,000 to my monthly debt. I make around $10,000 per month and this puts my monthly debt at $4,400. I am trying to purchase a cabin in Gatlinburg. I have enough capital to make the purchase but I can only handle another $600 per month in overhead to keep me under 50 percent debt to income ratio. Is there anything I can do outside of making more monthly income? Both rental properties I purchased don't have tenants in them yet so I guess after the New Year, I can start to show the rental income as additional income but I am wondering how I can keep purchasing properties unless I can show crazy high monthly income. Thanks for your help. 

Thanks everyone for your help, I appreciate it. If anyone has a specific bank that they think would do a home equity loan or a home equity line of credit, please let me know. Thanks again. 

I just bought my first two properties. One in Rochester, NY and one in Wilmington, NC. I was just wondering if it is possible to get a HELOC on a rental property in either one of these markets or if you can do that in general. I called a few people so far but they seemed to say the standard was that once it is an investment, they won't give a HELOC. I am looking to buy another property and want to borrow some money for the down payment so just looking into different options. Thanks for your help.