All Forum Posts by: Stephanie P.

Try and have the appraisal appealed and reappraised.

If that does not work, you might want to look into a DSCR loan to get qualified through expected rent. In that case, the value of the house is irrelevant, it's about the ratio of monthly payment to rent.

Hey everyone! Have a situation that I want some input on. What financing options do you think is best for this situation.

Lady is selling 6 individual condominiums in the same complex and is willing to do a bundle deal. Each unit is for sale at around 50k. All units have tenants and each unit is in great turnkey condition. She bought the homes with funds via HELOC. I really want these units! But the problem is financing. I love owner financing and CFDs, but unfortunately she isnt willing to. What other options do I have that will give me a lower to no downpayment if any?

I recently sold a property in Duluth MN, and have the money in a 1031.

Is it possible to buy more than one property. Using the money in the 1031 for the 20% down stroke on multiple properties.

Would appreciate any help in this matter.

Thanks in advance.

Hi all - looking to buy my first 2-4 unit multifamily (or possibly STR). I live in the San Francisco Bay Area, so buying locally doesn't make sense. I've been looking at more remote but still desirable parts of California, but obviously CA is just expensive in general. Even though I am aiming to put 30-40% down, it seems like it will be challenging to get rents to cover a loan and basic monthly expenses. Would love any guidance on buying out of state -- from best markets to consider, to techniques for research, how not to get burned, is it OK to purchase sight unseen or would you always recommend viewing in person, etc. I'm sure this topic has been covered before, so please feel free to point me to existing guidance if there is some. Many thanks in advance.

@Stephanie P., I wonder if you can answer this one?

Hello everyone been a member for a while but I am finally thinking of pulling the trigger on my first flip/ and hopefully seller financing. I have a home that a mom passed and her son cannot afford to stay in NJ and wants to move to PA. I believe he found a place and has to move by the end of December 2022. It is a single family split level home, it is an older property. I will be able to see the inside in two days. I believe it is going to be very out dated but maintained enough for the house to be livable. 

Question is how to tackle the financing end of it. I believe I can get him to lower his price of 450K sense he did say it was negotiable. Comps are running at around 520K fully updated.

Should I ask for seller financing or what other type.......I was hoping to buy it, fix it and sale it or keep depending on the prices when i go to sale. 

Any suggestions or ideas will be truly appreciated. 

Hey, Bigger Pockets community. Even though I rented two bedroom apartment for the past 6 years, I'd say I'm pretty new to the RE investing, since I used to live in that apartment before, and when we purchased a home we decided to rent it. Since we have good amount of cash sitting in that apartment, I'm ready to sell it, and leverage all the money by doing 1031 exchange IF I'll find a good deal in this market. Now I know, no one has a magic ball, on what the future will bring, but would love to hear your opinion on my options (I should also say, that I live in MA):

1. - If I'll do 1031 and split the cash from the apartment for down payments, I could afford two multifamily homes.
2. - Pay the capital gains tax, keep what's left and do BRRRR to eventually end up with more houses than just two. Though in this market when the prices are expected to go lower vs higher, the BRRRR may be tougher to do I think.

Pls let me know what you think, TY!

@Patrik Kisucky I really like the use of a 1031 exchange to leverage your exisiting wealth to build more wealth. Some times in a state like MA, a state like MO or KS could be a better option. We can look at a few different ways to leverage your current equity to build your cash flow and your wealth without paying any taxes at the time. I have some examples of what past investors have done in similar situations here in KC if you want to chat?

75% LTV, NO SEASONING, CASHOUT REFINANCE, $ 10,000 IN DISCOUNT POINTS but 1% orig fee and $ 2000 underwriting fee. Maybe it is ,10 years interest only , 5 year ppp. I dont know.

please 

Hello,

Traditionally I have always done 20% down for a rental property and tried to see if I can find anything on obtaining a loan that requires less than 20% down on a investment property. I have great credit, own my personal home already and have no other debt. 

Has anyone had luck with obtaining a loan on a rental property with less than 20% down? If so, how did you go about it and what has your experience been?