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re: Is it possible to get a 1 mil real estate loan with 10% down
Posted on 6/21/18 at 10:38 pm to stout
Posted on 6/21/18 at 10:38 pm to stout
It will cash flow with 3 units rented 85% of the time.
Looking to rent 3 and renovate 1. As each unit becomes vacant I would update to add value. Once all 4 are updated I’d either keep 1 and rent 3 or look to sell and take profits.
Looking to rent 3 and renovate 1. As each unit becomes vacant I would update to add value. Once all 4 are updated I’d either keep 1 and rent 3 or look to sell and take profits.
Posted on 6/22/18 at 8:44 am to Finch
quote:
It will cash flow with 3 units rented 85% of the time
IMO cash flow doesn't mean jack here. Who gives a crap about cash flow on a $900k loan.
You should be talking % return here.
Additionally, is that $900k loan enough to remodel?
What kind of rent are you getting on $250k condos?
Posted on 6/22/18 at 9:53 am to Finch
If it is cash flowing with only 3 units rented, why is the owner selling?
Posted on 6/22/18 at 3:42 pm to Finch
quote:
It will cash flow with 3 units rented 85% of the time.
Looking to rent 3 and renovate 1. As each unit becomes vacant I would update to add value. Once all 4 are updated I’d either keep 1 and rent 3 or look to sell and take profits.
I think I'm a little lost. Are you planning on occupying one of the units in this property as your primary residence? I don't know what you mean by "keep 1 and rent 3."
The most recent maximum loan limit chart that I got from my banker a few months ago set the conforming loan limit for a 4-plex at $871,450 ($1,307,175 for high cost areas). If you're going owner occupied, you might be close with a 10% DP, depending on your debt-to-income situation.
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