Financing on $800,000 3 unit Brownstone help!! - Posted by dknj23
Posted by dknj23 on July 21, 2003 at 18:59:19:
i found a 3 family brownstone property that i would like to call home.
1st floor is 2bd/1ba
2nd floor is 3bd/1.5ba
3rd floor is 3bd/1.5 ba
i currently have two properties that are cash flowing $340 and $220 each month. 1 lease was renewed for another year and the other just started in june.
my salary is 52K and i have monthly debt of $220 only. My fico is 720
Currently the property is vacant and will need updating, new bathroom and kitchen. there’s nothing wrong with the current setup but remodeling it would bring top dollar.
i plan in living in the 2bd and have a roommate.
the other two 3bd would rent for on the very low end $2100 EACH while average would be between $2400 and $2700 A PIECE.
the yearly expenses are $14,000 which includes all taxes, maintance, various expenses etc.,
now since it is a 4 family and under this would be classified as a jumbo mortgage correct?
is it possible to purchase this property with close to 100% financing? other possible situations have the seller carry back 10-15-20% back
it would take me one month to rehab the unit and begin renting. I know i will have to carry the mortgage by myself for the first month. I have access to around $50,000 if need be, it would be a gift. I can also have my brother co sign on the loan and he is a 800+ fico. and he makes 72K.
Will a mortgage company loan me this knowing that therre is no one there right now?
Please either Ed or James S help!!