Multifamily unit in Georgia

5 Replies

Hello all,

I have been in touch with a owner of a tripleplex in Metro Atlanta. I want to invest and become a tenant/landlord but do not have the funds to make it happen. I spoke to the owner about seller financing but is not interested. Is there any other options I have? Hoping to work something out with him.

@Joe Fairless

Thanks, I have been trying to pull information from him but he is being a bit stand offish, I think maybe I should just try and find another investor who could but the cash up. I guess try and wholesale it if the owner agrees to those terms.

@Sundiata Jackson

Make sure the deal is worth doing.

You mentioned becoming a tenant/landlord, which I assume means you intend to occupy it as an owner occupied house.

There are several inexpensive ways in multis with an owner occupied based loan.

0% Down:
NACA (https://www.naca.com)
VA Loan (http://benefits.va.gov/HOMELOANS/index.asp) Rural Development Loans (Renovations MAY be included)
(http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html)

3.5% Down
FHA (http://portal.hud.gov/hudportal/HUD/topics/buying_a_home)

3.5% AND Renovations
FHA 203k loan (http://portal.hud.gov/hudportal/HUD/program_offices/housing/sfh/203k)

Originally posted by @Sundiata Jackson :

Hello all,

I have been in touch with a owner of a tripleplex in Metro Atlanta. I want to invest and become a tenant/landlord but do not have the funds to make it happen. I spoke to the owner about seller financing but is not interested. Is there any other options I have? Hoping to work something out with him.

I just recently learned that, if you can get it under owner financing, you can refinance the owner-financing after only 4mos with some FHA lenders. I don't know of the abundance of these lenders in GA, but you should call around and see. From what this lender explained to me, you MUST have the financing on record as a mortgage and, more than likely, you won't need any money down to refinance. Your seller may be more attracted to the fact that they don't have to sit on owner financing for too long. Of course, you would have to meet FHA credit requirements, but their requirements are not that high anyway.

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