What would be the best financing for purchasing 3-four family buildings
My problem is that I already own 3 properties under my own name with conventional financing. 2 single family, 1 condo. I believe there is a limit on owning properties with non commercial loans. What would be your recomendation? I'm looking for the best financing, lowest rate, lowest cash out of pocket. Aren't we all? :)Thanks for your input. My goal is to build some long term financial wealth in the multifamily market. Rents are booming here in Wisconsin. by jbarnes16941 from Racine, Wisconsin. Dec 15th 2015
Kathleen Smith (info@superjumboloans.info)
#232 ranked lender in Florida - 25 contributions
you can email the breakout of the value and amount owed to us at info@superjumboloans.info Kathleen Smith Harbour Equity PartnersPrivate Client Services, LLCAdmin Assist. | Private Banking and Client ServicesNY Office 631-757-9700 Fax. 631-991-9142Email. Info@SuperJumboLoans.Info
Ritchie Baumann (Ritchie)
#28 ranked lender in Wisconsin - 28 contributions
Hi, Conventional financing still works. You can own up to 10 properties with conventional financing under fannie mae. Would you like to talk about all the details that go with financing 3 more properties? Once you have 5-10 some rules can change. Ritchie Ritchie@trustrprovidence.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
You standard conventional loans will work just fine. You can have up to 10 financed properties. With excellent credit, we have a 10% down investment option. Visit me at www.WI-MortgageBroker.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
FNMA guidelines allow for up to 10 financed properties, but the problem is that lenders don't like to finance more than 4.. If one lender did all 10 loans for you and you defaulted, it could be bad for that lender to have 10 foreclosures for the same person.. by limiting the number to 4, it limits their exposure.. but this really is not a problem.. most lenders will follow FNMA guidelines and go up to 10 properties (Example: 4 with lender A, 4 with lender B, 2 with Lender C).. Your best bet is a local mortgage broker.. not the local bank or credit union.. brokers have access to numerous lenders with each one offering a different set of lending programs.. the more lenders the more lending options and the greater likelihood of your loan scenario getting accepted. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
Wendy Hofmann (whofmann@progressivels.com)
#76 ranked lender in Minnesota - 2 contributions
Happy Holidays JBarnes,I would like to talk with you in more detail and have a full picture to address all of your concerns. I like to educate and provide my clients a step by step process. Please give me a call at your convenience 866-680-2840Thank you, Wendy Hofmann
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