All Forum Posts by: Roger Evans

Just received this from a mortgage broker I found on Zillow

“Unfortunately since you already owned a 2 family. Buying another multi will not work. You will need to have a valid reason why you are moving from a 2-family to 3-4 unit family home where you are going to have share units more than one unit from a 2 family.

You can however buy a single family home with 5% down.

Please let me know if you have any questions.”

In 2017 I went from a single family to a three unit with no issues, the same lender has already issued me a pre-approval right now I’m just shopping for the best rate and surprisingly a lot of mortgage brokers seem to be giving different answers. I know each bank or mortgage broker has access to different deals, One mentioned needing 20% down for an owner occupied 3 family? Even though I have over a 750+ credit score, I know times are tough and a lot of lenders are worried about giving out loans but aren’t a lot of these mortgage brokers paid by commission and not salary?

@Charles Carillo you ever used seller financing personally? If so, what are your pros/cons?

@Stephanie P. Just double checked with the listing agent it’s a legal 5 family.

So I’ve been searching for the perfect multi family to purchase for the past nine months. Yesterday one of the top houses on my list went up for sale, this whole time I had it marked as a four family come to find out it’s a five family... before writing it off as impossible, because I was going to live in the home as my primary residence for two years are there any other financing options in this scenario? I’ve always heard about private financing, but don’t know much about it thanks.

@Tony Merchan sell it, take the cash and reinvest it.

@Alex Johnson what part of mass?

@William Green ahh Palm Springs the first nice place once you exit hell “Twentynine Palms” I was there for the marines. I’ll always have love for Palm Springs.

@Stephen Brown Most real estate agents will sign you up for MLS, just say your going to be buying in the near future and tell them the type of property.

@Michael Hanks did you ever do this?

@Kris Quinones I have a 3-unit that’s cash flowing $800 monthly. Balance is $228k and the house is worth $320-340k. When you refinance do you have to go off of what the house is worth? Like I couldn’t switch to conventional and have the same 228k balance with a fee or something. I also don’t live in the house anymore.