- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Is it possible to get a 1 mil real estate loan with 10% down
Posted on 6/21/18 at 10:11 pm
Posted on 6/21/18 at 10:11 pm
I’d like to buy a 4plex in Nola that’s around $1 million
Is it possible to do with 100k down?
Any advice would be greatly appreciated.
Is it possible to do with 100k down?
Any advice would be greatly appreciated.
13
Posted on 6/21/18 at 10:28 pm to Finch
It can be done but you may need two loans. One to cover 100K to make the 20% down and the remainder on the rest of the property.
Posted on 6/21/18 at 10:32 pm to Finch
What is the ROI going to be on that?
Posted on 6/22/18 at 5:45 am to Finch
Pretty sure the bank will not allow 2 loans for
The bank wants to know where the money is coming from, and I am pretty sure you will sign something saying the dp is not loaned money.
Your $100k needs to be somewhere the bank can see it and proof where it came from. If it is sitting in your safe, they won't accept it.
quote:.
One to cover 100K to make the 20% down and the remainder on the rest of the property.
The bank wants to know where the money is coming from, and I am pretty sure you will sign something saying the dp is not loaned money.
Your $100k needs to be somewhere the bank can see it and proof where it came from. If it is sitting in your safe, they won't accept it.
Posted on 6/22/18 at 8:32 am to Finch
90% LTV on a rental is tough.
Would probably have to secure the loan with additional collateral unless you have extremely strong cashflow or liquidity (which I would imagine not, given 10% down). I know you probably don't want to, but maybe find a partner to also put down 10%?
Would probably have to secure the loan with additional collateral unless you have extremely strong cashflow or liquidity (which I would imagine not, given 10% down). I know you probably don't want to, but maybe find a partner to also put down 10%?
Posted on 6/22/18 at 8:37 am to Finch
Would you mind sharing the expected rental amounts prior to rehab? I’m curious about the numbers in higher end rentals in nola.
Posted on 6/22/18 at 9:09 am to Finch
probably not happening. NOO? expect 25% down for MFH. Remember you can get UP to a 4 plex with a conventional mortgage. You do not have to have commercial which can be 30% down. You can use a loan for the DP but the bank wants to know where that money came from. This post was edited on 6/22/18 at 9:25 am
Posted on 6/22/18 at 9:41 am to Finch
You will need A LOT of collateral and someone to cosign. The cosign person will need to net 10K+ per month after expenses. You will need to net 5-10K after expenses per month. Also need about 20% down.
Posted on 6/22/18 at 12:18 pm to Finch
I doubt it. Nothing risked, nothing gained and all that jazz. Just do like any other entrepreneur with an idea/ROI analysis they really believe in: put your money where your mouth is and take out a HELOC or the equivalent.
Posted on 6/22/18 at 12:47 pm to Finch
I'd also like to know what interest rate you have in your formula to 'cash flow'. Because without knowing if you can even loan the money, I'm guessing that you have no idea what your rate would be?
A $900k loan is going to be a higher rate then a $250k mortgage. Usually a good 1% or more higher than prime in my limited experience. But I wouldn't doubt you'd be looking at more than that.
A $900k loan is going to be a higher rate then a $250k mortgage. Usually a good 1% or more higher than prime in my limited experience. But I wouldn't doubt you'd be looking at more than that.
Posted on 6/22/18 at 1:11 pm to Finch
The short answer is no. I will explain now. It's 4plex investment jumbo property. That requires 25% down because of the number of units. Also no one i do business with offers a jumbo loan on a 4 plex. So you are capped at a loan amount of 454,100. Take my 15yrs of experience and move on.
Posted on 6/25/18 at 8:04 am to Finch
Maybe start a little smaller. I have a friend that might be interested in off loading a few of her rental units. She has a few du and triplex's in the Tulane/Loyola area that have had 100% occupancy for going on 5+ years.
Posted on 6/25/18 at 3:17 pm to Finch
Finch, are you looking to live in one of the 4 units? If so, I work for a bank in Nola that has loan promo that is perfect what you are trying to do. Would only require 10% down.
Posted on 6/25/18 at 3:56 pm to Finch
Is the seller an individual or a real estate company? You can get really creative with commercial RE and you have to strongly wonder why someone is trying to get rid of their money printing machine.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News