I'm a married veteran and I just recently closed on my first SF home. I've always wanted to get into multi-family investing.
My mother wants to get into home ownership but has some credit issues. I proposed that we include my grandmother and we all try to qualify for a loan for a multi-family in which she would move in one side for a year and rent the other unit(s) out then later refinance it. The plan is for her to eventually be able to get her own SF home after that year.
Does anybody see any issues we might run into with this plan? Any advice would help.
@Kahim Sturgis the challenge would be that if your mom has credit challenges, she may have to be excluded from the financing. And the question becomes, can your grandmother qualify on her own, with her income? Hopefully the rental income on the other 3 units are enough to help balance out to pay for the property on their own. That would help in qualifying.
Welcome and good luck!