First-time homebuyer looking to purchase (2) SFR properties currently rented

Member since 2024 · 17 posts · 9 votes

I'm searching for a broker/lender who will lend to a first-time homebuyer that is looking to purchase (2) SFR's that are currently rented out (section 8) in Michigan. Purchase price for each home is less than $75K. Please reply or DM me.

1 Reply

65 views

3 Replies

Jump to latestLatest

Sort by

Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y
@Michael Kopay most mortgage brokers will do this if you qualify for a FNMA-type mortgage.
Most DSCR lenders have minimim LOAN amounts of $75k.
[email protected]248-209-6824
Logical Property Management4.9459 Reviews
Website View Page
1 Reply
Michael Kopay
OP
Member since 2024 · 17 posts · 9 votes
1y
@Drew Sygit - Thanks. That's what I'm finding out. Also, most people are telling me that the buyer must have owned a home or have been on title for 12 months.
0 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y
@Michael Kopay huh?
Do you mean seller?
That may be true to discourage equity-stripping, where a property is "flipped" at above market price between people that know each other:(
[email protected]248-209-6824
Logical Property Management4.9459 Reviews
Website View Page
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.