Jim, Home Buyer in 92649

I am interest in purchasing a multifamiky property in the raliegh area: Hoping to imvest 500k LTV on debt would be 50% Hoping to have the

Asked by Jim, 92649 Sun Jan 5, 2014

proprty managed by a local firm
Looking for ideas

Thanks

Jim

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Answers

3
I meant 50% ltv

Never considered NY as an investment area as I understood it to be a tenant friendly state
0 votes Thank Flag Link Sun Jan 5, 2014
Jim, not sure if you mean 50 LTV as in you'll be putting 50% down payment or if your debt to income ratio will be 50%. In either case I suggest you speak directly with a Loan Officer. Anyone in this thread or online who tells you that they can offer you a loan is simply lying to you. Every lender would need to review all the necessary documentation before being able to approve you for any sort of purchase, regardless of your down payment amount.

Not sure what state you're interested in buying, but I'm in a unique situation to be able to offer loans in every state. If you speak to Chase, Bank of America, Wells Fargo or any of the other large lenders, you're more than likely deal with a calling center. Local mortgage bankers would be the same as most Loan Officers are only licensed in the state they originate in.

Feel free to call or email me with any questions. If you already have a Loan officer available to you, have them review all the necessary documents and see what they can offer you. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Jan 5, 2014
Raleigh NC?

This is a New York Thread.
At 50% LTV you should have no problem.

But, New YORK would be better you'll get 3X the rent.

I can get you 3 family, for 700-800k, and 7500-8000 a month in rent.

youll probably see 60000-69000 after building expenses and positive cash flow of 40k-50k annually
0 votes Thank Flag Link Sun Jan 5, 2014
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