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2 four family houses. Fully occupied with positive income.

I've been talking to a C.Banker in Ohio. He approved me for a 30 yr fixed at 6.675% with 25% down. I'm wondering if there are any loans with the same terms out there with only 10-15% down anymore or am I wasting my time. My credit is great, I have over 500K equity in my other property and have plenty of liquid. Any info is appreciated. Thanks John

By the way Andrew, I too have property in Upsate NY. Where exactly are you looking, maybe I can give you some input. My place is in Sullivan County.

Thanks Andrew. That sure did help. I should also include that I do have the properties inspected by my in-laws that live in Cincy. They don't know much but enough to see if a building looks like it would be overwhelming. Also, my realtor owns his own property maint/mgnt company and he is the one who will be in place for my investments. We are staying away from dogged properties and are aiming for better condition/ location. All my calculations always include a 10% vacancy, actual expenses, maint., mgnt. and a misc. charge for my travel, which can be written off from what I understand.(not confirmed).

This may have been a previous topic, but has anyone here have anything to say about making an offer on a multi -unit (4 family) that you haven't physically inspected yourself? You see i can't actually make it out to Cincinnati from NYC in time and I'm working with a new realtor that I seem to trust, but have never closed a deal with yet. The house seems like its in great shape and I believe I'm asking all the right questions. I also have a bail out in the purchase offer from the inspection. I guess what I'm getting at is, if its a big no no / amateur move in the investing world, or maybe just an everyday aggressive move.

Wondering if anyone can help as far as a commercial loan for two 5 family units. Looking for a 25-30 year fixed amort. or a 25-30 year ARM with a 10 year fix. Each house is 140K I'm putting 20% down and need two loans for 112K. My credit if it matters is 760+. The buildings qualify them selves which are in Cincinnati Ohio. I have an accepted offer along with the Purchase contracts. I'm ready to pull the trigger on these units so don't hesitate to contact me.

Thanks guys, I guess I'm concerned of the fact that I'm putting so much trust into a contract thats drawn up by the agent which is representing the seller. Here in NYC it is different, but only for the fact that an agent doesn't even get involved with official documentation. I swear its as if they're not really qualified to do so. I guess its a little bit of a discredit towards RE agents but thats due to past experiences with a majority of agents here in NYC.

Just wondering if I'm in the right here. I saw a property that I'm interested in, I call the realtor back and give him an offer on the property with all my reasons why my price is right on. He agrees and says I'll send the papers over for the offer. In the fax I receive a contract to purchase thats half filled out by the agent/broker. This contract is indeed legally binding, says so right on the header. With it, the usual realtor disclosure forms. I'm from NYC and the property is in OH. I personally had never got myself into a contract before the offer was accepted. I couldn't even see why I would get my lawyer involved (on the watch) before an offer was even accepted, which by the way is the 1st offer. I searched around the site and came across an intent to purchase form which was right up my alley. I'm going to bring this up to the agent and try to explain to him that i'd feel a bit more comfortable submitting a form like this in lieu of his contract. I was wondering if this was a normal process for Ohio, or is this guy being the eagar beaver?

I'm looking to transfer a property of mine in NYC thats currently in my personal name over to an LLC without having to endure transfer taxes. I wonder if anyone here had gone through this or has any information regarding the process.

Thanks John

Just got the news. winds up to be just about 2% of purchase, where as in NYC your looking at 4-5% in total due to the State/County mortgage tax. Amazing to how tough its become to purchase a property on NYC.