Purchasing first investment property with lender issues
Hey everyone!
My name's Connor Fitzgerald and I'm a new real estate investor working on a deal in the 36201 zip code in Alabama. The property is a quadruplex that is listed for $130,000. Each unit rents for $500 a month and factoring in the 50% rule and the mortgage it should net $319.00 a month. The area is known for sub-5% vacancy rates and the property was completely renovated two years ago including mechanical. The seller has sent me his expenses for the previous 3 years which shows repairs at only 10% of the gross monthly income. The issue I'm running into is that the lender wants 30% and a cosigner with real estate experience. Does anyone have experience in this area or know a workaround for this issue? Any advice would be greatly appreciated!
Thanks,
Connor Fitzgerald