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?
Most Popular Reply
Have you had the conversation with your wife’s grandmother showing her the challenges that not only you are facing but likely any other potential buyer would face?
Would she consider a simple contract for deed for 1 or 2 years at a agreeable rate to allow you time to improve the condition of the property and fill the vacancy void?