I want to purchase a multi family home to help with mortgage cost but im not to sure which is the right option.
Option 1: purchase bank owned 3,500 sqft 2 family 4bd room (each unit) home for 205K Needs WORK beautiful on outside but does need repairs on inside. no occupancy currently
Option 2: purchase 3 family that currently has rent total of $5,365 per month 2/3bd and 1/1bd (that i would occupy) priced at 600k!!!
I will be making a loan to finance everything... i was approved for 550K.
Advise please!!!
2007-09-03 09:05:53 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Can you make the mortgage payment if the renters suddenly moved out? I certainly wouldn't want to count on that money every month in order to make my mortgage payment. Personally that would worry me to death. If you could swing it for a little while till you get new renters then go for it! Otherwise, I would fix up the first home and then rent out the other unit.
2007-09-03 09:15:56 · answer #1 · answered by Emily 5 · 0⤊ 0⤋
If you have $50K for the down payment, plus closing costs, then option 2 would probably be better, assuming the 1 bedroom unit meets your needs for a place to live.
2007-09-03 09:17:29 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing officemortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.
2007-09-03 13:58:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
option 2...you have immediate income.
2007-09-03 09:13:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋