Updated almost 6 years ago on . Most recent reply
Multi-Famiy (6 Unit) Loan
This is the first purchasing an investment property and going through this process. My wife and I are buying her grandmothers 6 unit building and have everything under contract and then our loan fell through.
We struggled to even secure a loan at first due to the building being empty for over a year and not having steady income. Finally finding a bank that would work with us and the contract finalized the bank wouldn’t provide a loan due to the building being in such poor condition even after the proposed fixes with a sellers credit. They said there was nothing wrong with me as the buyer and I could financially support the loan with it being empty.
Now I’m struggling to find a bank to work with me again. Maybe I’m doing something wrong. Does anyone have any guidance for a new guy?
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@Marcus Curtis - definitely not in full detail. It is probably time to make that happen. I think what you are saying is a great idea. I’ll do some research on that and pitch the idea. Hopefully she’ll go for it. Thanks for you time!