In a white-hot neighborhood like River North opportunities are being snatched up as fast as they hit the market, and often before.
The higher the owner occupancy the better. Buildings tend to fall into the foreclosure area when the owner occupancy falls below 51% since buyers can not get loans and the building becomes cash only.
http://www.unitedequity.us/our-team.html15+ items â€“ Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414
A good rule of thumb is- if your lender is ok with it you should be too. Lender's standards are still so tight that they're looking for reasons to deny your loan.
If they look through the financials of your building and give it their blessing then it's a safe bet in an overwhelming portion of situations.
http://www.unitedequity.us/our-team.htmlWieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. email@example.com
All the best,
Here I am refering to another American Invsco building 33 W Ontario. Being a first time buyer, I wanted another opinion on the health of the building.
I believe I should be able to manage a loan, but does low owner occupancy and number of foreclosures could affect the future valuation in some other way? I plan to convert this unit into an investment property few years down.