All Forum Posts by: Nathan Davis

Just curious if anyone is finding 1% deals for multifamily in 2021? I'm seeing many properties where rent is currently 600 each for duplex and the asking price is 260,000. 

@Andrew Postell

I'm working on it, they are pretty busy with all the all the loans going through.

So long story short concessions cant be used to prepay the monthly pmi/mpi. But the upfront fee of 1.75 % can be paid because it's a closing cost.

@David M.

Hey David thanks for the reply. I'm actually not looking for down payment assistance. This is more so a cashflow evaluation. Strictly looking at seller concessions and Pmi/mip. Granted most probably bundle the upfront fee into the loan. I've never paid Pmi/mip so my understanding may be off.

So really what I'm asking is if seller concessions can be escrowed and pay the monthly pmi/mip until it runs out of escrow? Or maybe a certain amount of pmi/mip is prepaid at closing and not due until for those prepaid months?

I took around but couldn't find a conclusive answer. I'm thinking of asking for seller concessions to be applied to PMI/MIP. From what I've read that seems permissible. My question is how that concession is applied to the loan?

Let's say I've got a 400k property and am trying a fha loan with 10% down. I know theres an upfront 1.75 % mip fee ($6300) and monthly mpi ($240). If I ask for concessions of 6% (24k) will the concessions be credited toward the ltv or will it be escrowed to pay the mpi? I know it's a stretch, but it's hypothetical the key here is where do the concessions go.

Thanks

In 2020, I will make my goals come to fruition. 

To find a multifamily in Saint Louis, I will not rely on the MLS. Instead I will create networking leads to find my next house hack.

If I keep doing the same things, working, saving, etc... I'll be waiting for around and hoping for a break, like the cashflow game. Instead I will create one or more wealth accelerators ... see MJ Demarco - The Millionaire Fastlane

Last but not least, balance the now with the future. To me that means balancing structure and fluidity in all aspects of life. 

Would you mind sharing the wholesale website?

I also want to do more research on this topic. As a new investor and broker with tax season around the corner it's interesting. 

Depends on the lender, some banks wont charge you pmi with their loan options. But you have to look for them.

What type of flooring are you going to install?

please send me a PM if still available