Considering 3 house purchase
I am considering moving my family down to pigeon forge and buying a lot that has 3 houses on it. We'd live in one and rent out the others as STR. the purchase price is going to be around $1.4 million. I have a lot of experience with STRs being a superhost for over 10 years and I believe I can bring in 200k for these houses combined.
Ho wwould you go about the financing for this deal? FHA 5 percent down? I don't have a lot of cash, could probably find 150k to put down.
Doe tthis qualify for a DSCR if on eof the homes is my primary?
Most Popular Reply
This is where you need to just start thinking outside the box. I don't know if any of these ideas will work, but maybe worth pursuing.
1. See if the Seller will finance with a minimal downpayment.
2. Check with some local banks in the area and tell them your plan. They might give you a portfolio loan on the property.
3. Rent out all units temporarily so you can qualify for a DSCR loan. Once you have income hitting your taxes you can refinance and move there.
4. Look for a private money lender that will finance some or all of the deal.
5. Partner with someone that has the cash. Give them a portion of the profits from the STRs and have a buy-out clause when you have the funds to refinance.
I am sure there are many other potential options for you to look into, but just off the top of my head these 5 came to mind. Best of luck.