Profile picture for cmjeffery22

Can anyone quote me a rate for an investment property in Rapid City, SD?

I requested a quote on Zillow, but most of the automated responses ignored what I put in and quoted me an owner-occupied rate. I'm looking for a rate quote for a multi-unit property with 25% down (20% would be better, if possible) and credit score of 780+.
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May 10 2009 - Rapid City
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Profile picture for Mark Ellgren
How many units is there, is this commercial?
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May 11 2009
Profile picture for cmjeffery22
I'm considering two different properties.

1.) Duplex and single family home on a single tax lot. This could be a problem if there haven't been a lot of comps on the same tax lot.

2.) Triplex
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May 11 2009

Hi -
It depends on whether you're looking for four units or less, or if you're going 5 and above.  Fourplex or less will work on the 2ndary market, 5 or more goes via a local bank.  You'd be doing great to get 5 - 5.25 with a local bank on the latter of the above.  With the fourplex or less on the 2ndary market, you could get this rate, but the points to get it would likely be around 2.5 - 3.0.  That's how I always used to buy properties.  Lock in the rate as if it were owner-occupied and then plan on paying these points to get it.  It made the comparisions more "apples to apples" as you always know what the rate is this way .... 

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April 04 2011

Reading your later response -  You must do the option 1  through a local bank as the 2ndary market will not allow 2 homes on one lot.  This has been my experience anyway.  Your option 2 would allow for much better financing as the rate can be locked for 15 - 30 years instead of the 3-5 with the local bank.  I hope this helps. 

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April 04 2011
 
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