Small Multifamily In Atlanta GA

[Trevonte Mosby]

Hello Bigger Pockets Family,

I'm having trouble finding small residential multi unit properties that can be bought with FHA financing in the Atlanta Metro area. Most properties state that no FHA financing accepted, or cash & conventional only. Any strategies that I can use to get around these road blocks? Also any tips or tricks I can use using FHA loans in big metros? Thanks in advance!

[Brenden Mitchum]

Hey @Trevonte Mosby, welcome to the BP community!

As an agent here in Atlanta, I often see these properties so understand your position. The supply on small MF here is slim and it's a seller's market so most do not want to bother with FHA's relatively stringent requirements and definitely do not want to wait around for a 203k loan. Now, you will definitely want to find out whether the reason is seller preference or if the property simply won't meet FHA appraisal requirements.

I agree with @Erickson Sainval; just make an offer anyways. It should only take your agent 5 minutes to draft and submit an offer (that's what they get paid for). They should also be working to convince the listing agent and seller to take your FHA offer. Consider submitting with few concessions and generous terms like no seller paid closing costs and higher earnest money. Remember, every piece of the contract factors into the seller's decision.

Hope this helps! Please, feel free to reach out anytime if you have other questions or just want to chat!