Updated about 10 years ago on . Most recent reply
I Need your advice bp
Sorry bp if this isn't the correct forum This actually involves a couple things, I need advice this is driving me crazy. I'm in a position where I'm living off savings so I'm kind of tight with money. I've been thinking of finding a quadplex hopefully to lease option with the seller( 1 year), negotiate no or little money down and pay asking for it in my option. I would then rent out 3 and live in the other for that year with me collecting rent and paying seller x amount each month which doesn't go toward purchase (seller keeps no matter what) so now I have a little cash flow. Within that year I would work on getting financing and saving up reserve to show the lender, my income to pay the loan shows from 3 rented units and a year documented proof which will turn into 4 units rented once I have lender in place and I move out. Could this work or am I missing something? What can make this sound good to a investor? I haven't figured out numbers quite yet so any advice is needed
I also have 9+ years in construction so I could handle any repairs or renovations myself and increase value all while continuing my journey in real estate!