Updated over 7 years ago on . Most recent reply
Am I In A Good Position To Purchase My First Investment Property?
Okay so it isn’t me, but my mom. We are interested in purchasing a multi-unit property in Charlotte, NC and live in one of the units, and plan to rent out the other rooms or list them on Airbnb. She currently has a a very low-paying job, but has $95,000 in savings and an 830 credit score. She was approved for $115,000 from a big bank, but she is not allowed to use it for investment purposes. Are there any specific banks or loans we should be looking for? I have been researching multi-family fha’s and 203k loans. Also, I was wondering where I can find off-market deals from wholesalers. A four-unit building would be ideal, but I have not found many in the Charlotte area online. Are we looking in the right direction for our first investment property? Any input would be greatly appreciated, I don’t want to steer my mom in the wrong direction.