Happy Thanksgiving everyone! My wife Lori and I are very thankful for Chase. Chase is our first child, born 07/08/07. We just missed that all "07" thing. We certainly won't complain, seeing as though Chase was in a major hurry to enter the world by coming 5 weeks early. He is a happy and healthy baby, and is very social.
Another thing I think we can be Thankful for this holiday season, is the fact that Rochester is a great place to own Investment Property. Let me take a moment to give you an update on the mortgage industry, as it relates to investment properties. Gone are the days of 100% financing for 4-unit rentals. Gone are the days of putting very little down and getting a reasonable rate. There are still some lenders that will allow as little as 5-10% down on multi-unit rentals, but the rates are VERY high. High rates plus minimum down payment will equal a bad net cash flow almost every time. The old cliche "You have to have money to make money" certainly rings true these days with regards to financing investment properties. Putting 20-25% down will yield your lowest interest rates, and will certainly have you on your way to an early retirement.