Looks like the 4-plex is going to happen - at least, I'll get the ball rolling for the deal. The agent has been sending me emails left and right the last few days, asking what my plans are. I finally had a few minutes today to call the lender I talked to several months ago. Surprisingly, the guy remembered me. He said they have two loans that would fit my needs:
5/5 @6.99%
10/1 @7.49%
Both have the same closing cost amount, $700, and are amortized for 30 years. I'm just wondering which would be better for my needs. Unfortunately, he can only send the loan packet via snail mail, which will add more delay to the whole process. As it is, I won't be able to get the contract and EMD out until tomorrow at the earliest.
2 comments:
Hey, congratulations, Steve! That's awesome! So, what area of the country is the quad? How did you find your PM?
Hi Trisha - Thanks. I just made a blog entry about the deal being set in stone now. It's located in WV. The PM is the agent's assistant, who has managed other multi-unit properties before, including some small apartments. It was convenient that she works with the agent as finding a PM company in that area is like trying to find a chicken with teeth. The few I did find wanted me left arm for payment each month. She's a little higher than I wanted, too, but we struck a good deal together (which I'll mention in a later post).
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