All Forum Posts by: Wyatt Wolff

Can you narrow down your question a little bit? What SPECIFICALLY do you want to know about multifamily? What price range are you looking at, what kind of deal structure, etc. I would love to help. Im local and in the real estate world, but I need a little bit more to go on. 

Let me know!

 You could also do a One time close construction loan... especially if you already have a builder and plans/specs in hand. This will save you from having to finance the land, and then finance the house. Just roll it all up into one. Bonus points if you can get the land under valued, and have more immediate equity in the deal 

So Ill hopefully help answer this in a few parts.

1/ There are a few different products you can use. If income is going to be a problem, you may have to cross collateralize a few of your properties. Am I understanding correctly that you own a few rentals, and also are currently renting yourself? 

2/ SS and a pension are helpful. Rental income can also be used, just generally not all of it. I believe its product dependent, but you may be able to use as much as 75% of current rents as income. SS can be grossed up.

3/ Adding on a coborrower will only help you if that person has a strong income, and limited liabilities. Conventional, could be anyone on the loan with you. If you are going FHA, it has to be family. SOMETIMES, they will allow close friends with an interest in the borrower. I have never personally seen it, but I have heard of it.

Would you be offering your primary as collateral? Or would you do a cash out refi, and then use that capital to invest? Both could work, but the ways you go about it would be different. 

For instance, if you have a high income, a cash out refi could work as it wouldn't impact your DTI too much. You could then use that cash to invest, and just make your debt service payments.

If you want to collateralize, then that would be a different process. Of course, all of this is income/property/geographic location dependent.

 It just depends on what route you want to take. 

 I may have a few leads for you. Shoot me a PM with some details, and scope of financing you need. 

As Chris and Steve said, your best bet for favorable financing terms is to keep the properties in your name, at least for the time being. Once you have a few, you can move them over if you are that worried about it. Insurance is your best friend 

Looks okay to me. Loan costs look a bit high, but they will vary depending on the bank you go with. Have you shopped around? I am not liscensed in FL, but I have buddies who are. If you would like them to run your loan for a comp, let me know!

Developing areas are also a good bet. Locust, Monroe, Wingate (due to the bypass) are all good options. What is your ideal tenant? Price point? 

Hey guys!

I was wondering if anyone has any experience with local banks in the Charlotte area, specifically financing house hacks but also just SF mortgages. I know there are some bankers out there, so whatcha guys got? Thanks Y’all!

@Chris T.

Going to be there with a plus one! Just want to talk and get to know people