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Asked by James A, Colorado Springs, CO Sat Jun 28, 2008

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Answers

6
Charles, , Marietta, GA
Wed Jun 17, 2009
2704 21st Street SW Birmingham AL 35217

3320 38th Pl North Birmingham AL 35217
3320 47th Street SW Birmingham AL 35221

3572 42nd Avenue North Birmingham AL 35207

1009 Jersey Street Birmingham AL 35224

2712 34th Avenue Birmingham AL 35207

908 2nd Ave. N Birmingham AL 35020

3404 38th Place North Birmingham AL 35217

406 12th Avenue North Birmingham AL 35204

7816 4th Avenue South Birmingham AL 35206

213 14th Court North Birmingham AL 35204

4512 74th Place North Birmingham AL 35206

313 11th Court West Birmingham AL 35204

339 Avenue U Birmingham AL 35214

804 37th Place North Birmingham AL 35222

5 Center Place N. Birmingham Al 35216

1607 Avenue D Birmingham AL 36218

116 5th Avenue SW Birmingham AL 35211

553 Avenue U Birmingham AL 35214
824 42nd Street North Birmingham AL 35212




Per our conversation, I am enclosing the list of properties for sale.
Each house is 15,500 OBO , sold AS,IS ,subject to 2008 county city taxes etc

If you have any questions feel free to give me a call ,

Uriel Willis ,
678-510-6447 cell
--
770-971-8125
770-627-3553 fax
0 votes
Rob Massopust, Agent, Los Angeles, CA
Thu Apr 9, 2009
Can you go as an owner occupied? Do you own other property? Would it make sense for you to purchase a fourplex as step up? That is how the underwriter will view it? Or you can sell a house or rent it out etc. If you can go owner occupied then you can do and FHA loan and put only 3.5% down. You could even take it one step further with a rehab loan (203k Loan).
Where is the property located? In Los Angeles you can go owner occupied 4 units up to $1.2m!
Good luck.
Rob
http://www.fourplex.org
Web Reference:  http://www.fourplex.org
0 votes
Bill Hays, Agent, Colorado Springs, CO
Sun Jun 29, 2008
James, when you start the process from being a single family landlord to multi-family business you need to look at several areas when deciding on the property. Following are the some areas of concern that the lenders are going to evaluate:
1. Your experience in owning/managing investment property, and whether you are going to use a property management company.
2. What is the debt cover ratio for the property?
3. What is the loan to value ratio?
4. Does the property cash flow, and can you maintain adequate reserves?
5. What is the occupancy history of the property, and what is the activity of its comparables?
6. What is the condition of the property?

There are still lenders who are willing to work with investors, but you are going to have to show that the investment is a good business decision.

Please call me with any questions you might have. I wish you great success.
Bill Hays
719-359-2370
bill@jwhays.com
http://www.jwhays.com
Web Reference:  http://www.jwhays.com
0 votes
Barbara Schi…, Agent, Colorado Springs, CO
Sat Jun 28, 2008
Hello James,
I am a Realtor with RE/MAX Properties, Inc. here in Colorado Springs and have a possible answer to your situation, depending on the socio-economic groups that will be served by your potential rental units. There is a non-profit group based in Ft Collins Colorado that works with a varity of investors, but in particular those who fit into the following guidelines;
"The Mammel Affordable Housing Loan Fund (MAHLF) provides predevelopment, acquisition and gap financing to individuals and organizations that create, rehabilitate or otherwise
preserve both rental and for-sale housing for families below the median income level." You may qualify for down payment assistance and or help with rehabilitating the units if need be.
You can access their website at http://www.fundingpartners.org or phone them a 970-494-2021. If you don't find you are eligible for this program, I work with several other lenders who may have suggestions for you!
Wishing you the best of luck,
Barb Schiappacasse
719-930-1323
Web Reference:  http://barbsyouagent.com
0 votes
Randy A. Vre…, , Traverse City, MI
Sat Jun 28, 2008
Hi James-I list and sell REO's almost exclusively. REO sellers do not care how the loan comes through, just that it does. If you were my buyer in this quandry, I would recommend either 1) considering other lenders who will loan the other 90% to suit your needs or 2) Approach family members OR investors in the area who will loan you the difference to make the deal happen. It seems that lenders would look at the positive cash flow potential from the fourplex (I assume you will use it as a rental) and find a creative loan option for you, one that fits your needs. :)
Randy
0 votes
Barbra Curti…, Agent, Cumming, GA
Sat Jun 28, 2008
Hello James,

There are different programs for Investers verses Owner Occupants. Usually the best source for Investor financing is through your local bank. It is getting harder to get Institutional Lender financing for Investors. I am not an expert in financing but Will Addo with Wells Fargo is and he can answer all of your questions and possible direct you to someone in your area that can assist you. Feel free to call Will at 678-473-6776.

Best regards,

Barbra Curtiss
Owner/Broker
NRBA Member (National REO Brokers Association)
800-886-2077
0 votes
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