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QuadPlex Investment Property Lending Recs
Posted on 12/26/22 at 9:13 pm
Posted on 12/26/22 at 9:13 pm
Looking at purchasing a quadplex in a low income area of Lafayette Parish. Wanting to put 5% down. Any local recommendations for lending (traditional) and any idea current rates for investment property? Open to 5/1 ARM if the rate is significantly better than 30 year fixed.
3
Posted on 12/27/22 at 7:31 am to ThatsAFactJack
Going to be really tough only putting down 5% on an investment property IMO. Min is going to likely be 20% unless there is a residential mortgage broker that can do this under some program I don’t know about. (I’m a commercial broker/banker fyi). And the 20% is only going to work if it cash flows at that. A lot of commercial properties aren’t cash flowing until you get to 75% or under with the increase in rates.
I would guess it doesn’t come close to cash flowing at 5% down.
I would guess it doesn’t come close to cash flowing at 5% down.
Posted on 12/27/22 at 7:32 am to ThatsAFactJack
quote:
Im4datigers
Is the GOAT. My business partner and I use him exclusively now for our rentals
Posted on 12/27/22 at 8:13 am to Im4datigers
quote:
Im4datigers
Contact please
Rustcohle365@gmail
Posted on 12/27/22 at 8:57 am to ThatsAFactJack
I am a commercial banker in Baton Rouge for a community bank and I agree that 5% is going to be tough to find. 20% to 25% will the minimum.
We are lending still on investment properties and look at global cash flow as well so we can get that down payment down some.
We are lending still on investment properties and look at global cash flow as well so we can get that down payment down some.
Posted on 12/27/22 at 1:49 pm to soupboy10
Contact email?
I've run the numbers with 5% down at 7% rate and it cash flows.
$100k property, 4 doors at $650/each. I can put 10% down if it helps.
Can we connect?
coincollections@hotmail.com
I've run the numbers with 5% down at 7% rate and it cash flows.
$100k property, 4 doors at $650/each. I can put 10% down if it helps.
Can we connect?
coincollections@hotmail.com
Posted on 12/27/22 at 1:50 pm to TheOcean
How can we contact Im4datigers?
coincollections@hotmail.com
coincollections@hotmail.com
Posted on 12/27/22 at 7:31 pm to soupboy10
quote:
20% to 25% will the minimum.
BINGO! most want 25% on anything over 4 properties. not sure how many the OP owns
This post was edited on 12/27/22 at 7:33 pm
Posted on 12/27/22 at 8:01 pm to Fat Bastard
FatBastard
Only current property is my primary residence.
This quadplex is listed at $110k and has 4 leases in place for 575-650/month. I can put down 10% if I can find financing. Any local leads in Lafayette area?
Only current property is my primary residence.
This quadplex is listed at $110k and has 4 leases in place for 575-650/month. I can put down 10% if I can find financing. Any local leads in Lafayette area?
Posted on 12/27/22 at 8:24 pm to ThatsAFactJack
Sorry guys actually had work today vs goofing off on the MB lol.
Shoot me an email
Lnobles@redstickcapital.com
Shoot me an email
Lnobles@redstickcapital.com
Posted on 12/27/22 at 8:26 pm to Im4datigers
quote:
Is the GOAT. My business partner and I use him exclusively now for our rentals
Always happy to help my friend. Thanks for the plug.
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