All Forum Posts by: Randy B.

Sounds interesting Alex. Let’s talk. 
I am available before 10 AM PST and after 2 PM PST today, Wed. the 2nd of March.

Randy

360-661-1370

[email protected]

I've been calling all the local lenders near Huntington, WV trying to get a commercial loan on a 5- unit property. I paid cash for it, so I am looking for a cash-out refinance with money for renovations. The problem is that the local lenders won't lend to out-of-state investors (I'm in Seattle, WA). Any suggestions? I'm not looking for hard money or private money - I'm looking for a legit commercial multifamily refinance bank loan.

Thanks!

Randy B.

Hey y'all, I've been a pro member for a couple years and thought I'd reach out to others here to see if any of you might be able to send me a great deal on a 4-plex in the greater Seattle, WA metro area. I would like to owner-occupy / house hack it. I already have searches set up on the MLS and am working with realtors, so off-market properties are ideally what I'm looking for. Feel free to reply to this discussion if you have leads or ideas! I've already posted in the local FaceBook groups, too.

Thanks!

Randy

@Jessica Huynh

With FHA, you also have the ‘self sufficiency test' for 3 & 4 plexes which is an additional hurdle that most can't get over in higher priced markets.

75% of the entire rental income must cover PITI, which is why a lot of multiplexes don't qualify for FHA loans without a bigger down payment.

The only way to get 10% down programs will be with local credit unions and community banks that offer portfolio/ ‘in house’ loans for owner-occupied plexes. You won’t get

this with national lenders or for non-owner occupied properties.

Thanks Travis!

What is/was your experience, results, costs, challenges, greatest successes, etc?

@John Clark

Great advice John!!

@Taylor L. Actually, the old saying is “past for performance is the BEST indicator of future performance.”...

Michael Plante - great idea.  Thanks for the input.  I will consider this approach or a variation of it.

What I meant is, what advantages or disadvantages are there (other than the obvious) in selling on the MLS versus selling to a private party in this hot market? Which proved to be better for you, recently?