All Forum Posts by: Tony Salemi

Just wondering what the general consensus is regarding credit/background checks.  Are you doing this before or after showing the property?  I can see it working both ways, but I personally wouldn't pay for a background check myself to rent a property until I had seen it.

I am thinking of doing a simple application for free first, then showing, then credit checks.

Thanks to everyone for the replies.

 Sorry.  Details are:

I have only 1 property with conventional which is in fact my PR. Very good credit (740 middle). Plenty of reserve (more than 24 months). Low DTI (25%), property cash flows nicely (6.1 GRM) and 20% cap rate.

I'm starting to think there's a few things going on.  This will not be a local lender keeping the loan in house.  It is a 2 unit property.  Maybe I could spend a little more time searching out lenders as it seems they're out there, but my W-2 job soaks up 50+ hours per week right now.

To be clear, I have the 25%. I just don't want to spend it. As far as I'm concerned, I want as little of my cash in a REI as possible.

Thanks to everyone for your responses.

Maybe the issue is this is for a 2-unit.

@Russell Brazil You're talking about Freddie/Fannie requirements?  I have heard they are basically backing 90%+ of all mortgages today.  So that will be a problem.

Please note I am not asking to name names...just recent experience.

It used to be 20% down was common for investment property.  Is anyone finding 80% purchases these days?  Normal conventional.  Not at 12%....  Just wondering if I'm looking for a needle in a hay stack?

@Zach Falbo, I'm wondering how you got them to do the deal with 15% down?  I'm under contract and everybody is sticking with the 25%.

FWIW, I've got good credit (720-760), low DTI (25%).

How'd you do it?  Maybe i'll call quicken back!