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Updated over 9 years ago on . Most recent reply

User Stats

32
Posts
10
Votes
Stephen Schaefer
  • Investor
  • Hot Springs National Park, AR
10
Votes |
32
Posts

How would a Lender see this 3 house Owner Occupied?

Stephen Schaefer
  • Investor
  • Hot Springs National Park, AR
Posted

I'm looking at a single purchase 3-separate home property, currently used as nightly rentals in a touristy town. One house has 2 units, another has 3, and I'm not sure about the third, but I'm assuming the owner lives in, as I would be.

Its listed on VBRO, and is actively rented out, of course summer season is high, but according to their prices listed on VBRO, summer could net $30k just renting weekends (or any three consecutive nights).

How would a lender see this? My wife and I own our home, and we're both veterans, our current home is on her VA, and selling our home could be a pain as we've only owned it a year and some change. My VA home loan is clear and ready, but I just started working again, and my credit isn't great as we focused on hers to buy our home.

Its a great opportunity, and I'd hate to miss this chance. I'm not sure if a lender would see this as a 'job' as far as my credit/lending is concerned. I guess is my question. For the location, any one of these houses could be the price of what all three are selling for as a whole.

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