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Updated about 11 years ago on . Most recent reply

User Stats

73
Posts
26
Votes
Matt Laird
  • Real Estate Investor
  • Elk City, OK
26
Votes |
73
Posts

Financing on SFH w/ garage apartments

Matt Laird
  • Real Estate Investor
  • Elk City, OK
Posted

I was preapproved for an investment loan for 20% down 4% 15yr, up to 300k, found a property to buy & hold. My bid was accepted @ $109,800 The property is a mid 50s built 2 bed 1 bath, large corner lot, it also includes 2, 1 bedroom efficiency apartments above the garage that are currently rented @ $450 each. My finance company is unable to locate comps in my area for a triplex.. (rural Oklahoma) So they are giving me the run around.. Does this sound legit, should I pay cash, or try to locate another lender? The property is zoned single family.. Thanks in advance for your responses..

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