All Forum Posts by: Ryan Muska

With traditional lending, get preapproved first. Hard money, find a property and tell them the scope of work you are trying to do as well as what you are willing to put down. 

Go to investor meetups in AK and make connections there. People will be more inclined to invest in an out-of-stater if they know the potential of the area they live in. 

However, since this is your first venture into commercial multi-family, you will most likely find no luck in getting investors to back you due to your inexperience.

80% is hard to come by, and if you do the interest rates will be exceptionally high. 

Lots of lenders do 75% and you will see a much more reduced interest rate.

Gorgeous and awesome ROI

If you are going to sell a home, wait until January-April. That time of year is statistically the hottest market. Right now is the most dead time of year to list a home. Also, remember that selling a home is going to cost you roughly ~10% of the sales price. If you do not sell it for at least $245k you may not be breaking even. 

Next year, everyone is anticipating that interest rates will be lower (election year, possible recession, etc.). Lower interest rates means higher home prices. If you hold it until interest rates are back in the 6s, people may be more inclined to purchase at a higher price. 

Don't just listen blindly to your realtor, or me, or anyone! Do your own research. How much are 2bd/2ba condos selling for right now? Look up the comparables and see if this realtor is just tugging your chain so they can sell your home and stay-afloat. 

Just some food for thought. 

Welcome to the REI community! Can't wait to read about all your success in the future!

If they are assumable, remember that they will want a larger down payment as the property has most likely appreciated since the original purchase. 

Prices in a market like Orlando probably won't dip. It's always best to buy now instead of a year from now. Date the rate, marry the price. You can always refinance but almost every year, a property is more expensive than the last year. I'd recommend purchasing now and refinancing in a year or two. 

@John Schaeffer

Typically I do not recommend working with a large lender as you are just a number to them and they will also only provide their loan options to you. 

I always recommend working with a mortgage broker because they work with many companies and can give you a plethora of options. 

As far as Rocket Mortgage, specifically, I have worked with many clients who have tried to go through them and been given awful customer service. Although, sometimes they have great service. So, just know you can have both sides of the spectrum