What should I do before purchasing a commercial property ?

Before purchasing a commercial property as an investment, the following areas must be reviewed.

1) Rent roll of tenants, 2) Estoppel certificate, 3) Proforma income statement, 4) CAP ratio (N.O.I/Purchase price), 5) G.R.M for residential investment property – apartment complex and 6) Environment inspection for contamination

Am I eligible for 'FHA' loan ?

For people who cannot afford the huge down payment but have a steady income, FHA loan may be a great solution if qualified. The followings are needed 1) as low as 3.5% down payment, 2) Credit score as low as 640, 3) income verification by W-2 or equivalent

What are the documents needed for a mortgage process ?

1) Secure down payment in advance (In general, W-2 income: 20%, Self-employee: 30%, Possible no income verification:40%, FHA loan: 3.5%), 2) Secure contract deposit money in advance (Usually up to 10% of sales price), 3) Keep down payment in a buyer personal account for at least 2 -3 months before applying for a  mortgage, 4) Prepare 3 months bank statement, 5) Pay contract deposit from the buyer’s personal account  where down payment is deposited and 6) Consult with mortgage broker before seeing the houses

What are the documents required for a short sale?

1) 2 year tax return reports, 2) 2 month bank statements, 3) 2 period pay stubs (W-2 income case), 4) Profit & loss statement (Self employee case), 5) Financial statement, 6) Hardship letter, 7) Sales contract and short sale addendum and 8) Estimated HUD-1