All Forum Posts by: Stephen Kappre

You are in my neck of the woods. Lately I have worked on (buy/sell/rent) smaller multi's, mostly duplexes. Some where fine and needed minor repair, others needed complete rehabs. Around here it all depends on what your business model is and what you can handle, what neighborhoods you want to be in, etc. I haven't found as much lately in 4+ units. Some but not much, and often they are too pricey. A good amount of mixed use though. 

Yes but not at that price lately. 

Ian, Good stuff here. 

I am curious as to the lending terms ... is this a portfolio loan, do they require a gc or can you do the work yourself, etc? 

Looking forward to hearing how things work out for you. I love watching things unfold and look forward to your future posts. 

Sounds exciting. Looking forward to hear how it pans out. :)

It was great meeting everyone. Looking forward to the next! 

Congrats sounds great. I look forward to the updates. 

msg me if Mayer’s guy doesn’t work. I might have someone for you. 

I was speaking generally not specifically to a property. Of course one can purchase a place with tenants all lined up with leases in place. In those cases qualifying for financing would allow the use of those leases for income purposes. And yes with a vacant place no lease would be in place most likely, and so you couldn't use that income to qualify. I suppose if the place was a red hot commercial shop on a city corner you might have people lining up to rent through the renovations. Let us all have that problem! I apologize if my previous comment above was confusing. 

I second some comments above. Talk to local lenders. I was a lender for a long time and I can promise you that at times the guy sitting in the cubicle next to the loan officer you are talking to can get a loan done and the LO you are talking to can't. Maybe thats an entirely other discussion, but I point it out because it pays to do your homework and get opinions from various loan officers and than feel free to bounce those ideas off of each of the loan officers. Consider seller financing all or in part. If the deal is that great there's always hard money lenders who may lend you everything you need. I assume the mortgage you have now on your primary is in both of your names ... If not that could open up options. At some point you would have equity in your home to pull out for a down payment on the investment property(s). On some deals depending on Debt-to-income (DTI) ratio you may not need to show rental income to qualify. Of course thats not always an option. Lots to discuss. :)

Almost forgot to mention - you can have a signed lease in place with current tenants when buying - so you could have that before you buy.