I want to buy a 6 family
2006-12-18 12:22:36 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I have never seen this happen w/o full contract with the owners.
2006-12-18 18:13:29 · answer #1 · answered by camrenalexis2 2 · 0⤊ 0⤋
We started out 30 yrs ago purchasing a 2 family house. When shopping for a mortgage the lender considered the rental income into our annual income thus increasing the amount of mortgage they would approve us for. The rental income covered 2/3 of our monthly payment thus making it easier for us to sock some money away. In 10 yrs had enough to put 70k down on the single family home of our dreams and keep the rental. Great way to increase your annual income and help save for retirement. Drawbacks are finding great tenants. We solved that by letting the local real estate office find the tenants and screen them Have always had tenants who paid their rent. Other problem is complaints but if you put the rules in writing, explain them to the tenant and make them understand you will not tolerate nonsense, you eliminate a few headaches. It also helps if you are handy and can take care of leaky faucets, stopped up toilets yourself
2016-05-23 05:51:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes. if the seller is willing to carry the entire mortgage, then it would be up to the terms you and the seller agree to.
the seller may want to negotiate a percentage of the rental income.
2006-12-18 12:27:52 · answer #3 · answered by loveholio 5 · 0⤊ 1⤋
Yes it is possible to do so . You just have to get acquinted of the deals from your mortgage company .You can have very decent rates from my boss .For more information you can write me at kishaloy_bhowmick@yahoo.com or call me at 480.751.4125.
regards,
kish
2006-12-18 14:19:55 · answer #4 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
maybe. talk your situation through with a commercial loan officer...
2006-12-20 00:24:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋