All Forum Posts by: Steven Dzuris

I am a new investor and have been following bigger pockets for about a year. I now feel confident with the underwriting after doing 100's of practice listings but confused on the financing. My scope is c+ single family or duplex under 150k to BRRRR. I recently found a duplex in my area and was going to make an offer. I contacted my agent who happened to also be the listing agent and she told me to get a preapproval first before I submitted the offer. I spoke to my local banks lending officer and explained what I wanted to do. I told her upfront I wanted to get a preapproval letter, 30 year term, conventional loan 20% down. I told her I had a partner for the property for this duplex I was looking at but I wanted the mortgage in only one of our names , we would setup a JV for the property. She told me she only will do a 25% 15 year term, conventional, and both of us had to be on the mortgage. I didn't go any further, the property went under contract 2 days later. I was fine with the 25% down but was confused by her only offering 15 year term.

The question I have are:

1. Is it normal for banks to only offer 15 year terms on investment property.

2. Is there a different structure to purchasing an investment property with a partner with one partner getting the financing?

Any help would be appreciated