Home Buying in New Orleans>Question Details

ascrog1, Home Buyer in New Orleans, LA

I'm looking to buy a multifamily home to both live in and rent in a safe neighborhood that isn't out of my price range.

Asked by ascrog1, New Orleans, LA Tue Oct 2, 2012

According to mortgage calculators online, the most I could borrow is $160,000. I was hoping for more, especially since I plan to generate extra income from the rental unit. Also I live with my partner who will pay a portion of the mortgage although she will not be purchasing the property with me. Will these factors be considered when I apply for a mortgage? I would like a home in the $250,000 range, but I'm afraid this isn't feasible if I apply for a mortgage by myself.

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If you can borrow $160K you can probably get a $250k double or a triplex. I can show you how I got some deals worked for clients and myself.

What we need to do is work out a plan..short term and long term, then create a business plan that you will put forward to some mortgage folks before you even look at the first house...this gives you some better perspective when looking for a property.

After we do this we start looking...not like how a typical agent will...they will throw a bunch of listings you have no interest in, nor will it coincide with your plan...why? Because most have never done a business plan before nor understand rates of return on investments...our approach is different. What we will do is take your plan and apply the inventory to see what matches your needs.

Then when we find a place that works, we negotiate based on what will work for you and what you can get a loan on amongst other requirements that we set in our planning stage.

Our comprehensive approach will help you get the best deal now and later.
0 votes Thank Flag Link Wed Oct 3, 2012
Hello, I am relocating to New Orleans and have been looking for an investment partner to go in on a double or triplex there in the same price range. I am also in the process of speaking to mortgage lenders. Please email me and perhaps we can discuss. amapk921@hotmail.com.
0 votes Thank Flag Link Wed Oct 3, 2012
Hi. I could recommend a few mortgage lenders who could help you with your questions. Please feel free to call me at 504.251.0385 or email me at cmang@latterblum.com.
0 votes Thank Flag Link Tue Oct 2, 2012
Hey there, I deal with a lot of creative mortgage professionals who can find solutions that best fit your needs. Contact me at your convenience and let's see how we can find you the best option. Nick (504) 256-6311 or nickgaliano@aol.com
0 votes Thank Flag Link Tue Oct 2, 2012
Shoot me an email so we can discuss some aspects of your mortgage, realtorcraig@cox.net
0 votes Thank Flag Link Tue Oct 2, 2012
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