Posted by Dan on February 03, 2001 at 18:51:33:
Ed (Houdini), my apologies for not being more specific. I am in California, I make about $80k per year, good credit. I paid $185k in 1998 (no money down, 9.5% interest), and it is valued at about $200k on the low side. I gross $2750 per month from the rents at the complex, and I usually clear about $500 after expenses.
Any feedback would be appreciated.
loan for a 5-plex…help, Ed! - Posted by Dan T.
Posted by Dan T. on February 01, 2001 at 01:52:58:
Ed, I bought a profitable five-plex about two years ago through a no money down, 100% owner finance. I would like to put this into a regular loan at some point, but banks and mortgage brokers are finding it tough to get a taker on a loan for a five plex. Any ideas? Thanks. By the way, the original loan amount is $185,000. -Dan
Re: loan for a 5-plex…help, Ed! - Posted by Ed Garcia
Posted by Ed Garcia on February 01, 2001 at 15:16:34:
Dan,
You don’t say what state you’re in, but 5 units really shouldn’t be a problem. The only thing I can think of is that you’ve gone to some lenders that do 1 to 4 units. Dan you not only don’t tell us what state you’re in, but you don’t tell us anything about you, your credit, what the units, what they are worth now etc. Boy, you must think I’m Houdini. If you want to get back to us with some of this info, we’ll see what we can do to help.
Ed Garcia