Mutli Finance Under 300k

i can only find multi financing 500k and up



need help finding lender for less than 300k in mass

great fico 20% down



thanks



KJ

Comments(10)

  • rglover54814th August, 2008

    Unless you have a very very unsteady income, you need to do some more work. Call a realtor or make some more calls to your large local banks.

    20% down w/FICO over 700 is an easy deal, at 9% or lower, should be very easy to do. You have the wrong connections, thats all.

  • boatboy18th August, 2008

    nobody? . . .

    . . . (crickets)

  • rglover54818th August, 2008

    Sounds like you dont have enough money to buy more than one. Make an offer for one, a bank will not finance multis for you if you dont have a relationship already.

    If the seller isnt willing to split the props, then i guess you will not have a deal.

  • boatboy19th August, 2008

    great advice... THANK YOU!

  • rglover54819th August, 2008

    All of the strategies mentioned above are good. However, its pretty much the SAME as throwing low ball offers and hoping one will stick.

    Only a fool will sign away future rents/appreciation and STILL ultimately be responsible for the mortgage if things don t work out. Im sure there are a few fools out there, but it will be tough to find this type of seller.

    The other type of seller will PLAY YOU for a fool and let you try and rent out difficult /problem properties.

    So be careful and watch what you sign.
    Good luck

  • boatboy20th August, 2008

    Thanks man!

  • cjmazur20th August, 2008

    Have you thought of some profit sharing arrangement like FHA is doing w/ the bailout program?

  • boatboy20th August, 2008

    Quote:
    On 2008-08-20 12:27, cjmazur wrote:
    Have you thought of some profit sharing arrangement like FHA is doing w/ the bailout program?


    Can you go more in-depth with this?

  • Birddog124th July, 2008

    Cap rate is a much easier tool to use. Take Net Income, divide it by Asking price, and you get the Cap.

    Example $100,000 NOI, $1,200,000 Asking price = 8.3% Cap. Simple.

    The Higher the cap, the stronger the return

  • boatboy25th August, 2008

    Great answer. Thank you!

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