Where are you picking up 5+ units for under 100K...Even most residential lenders don't want to do loans that low.
I only have 1 group in hand that will do multifamily that low, and while their rates are solid for full document loans, it will cost you with regards to origination charges at close.Either that or I know of a couple hard money groups that will do them, but again it's going to cost with regards to points and interest rate and you prob won't get better than 65 LTV.
209 481 0514
Your question made me smile. I live and work in South East Idaho, more specifically, Idaho Falls, Idaho. Our real estate prices here do not reflect much of the market in the more metropolitan areas of the country so it seems. I have only managed to pick up one 5+ property for $50K and that was on a deal of a lifetime.
Right now I'm working on a 4-plex that is listed for $159,900, and while I'd like to negotiate the price down even further, at it's current asking price, it is a full $15K-$40K lower than 3 other neighboring 4-plexes that have sold recently in the same complex.
What would be the terms from your lender for such a property?
Marti Castle Warr
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