I want to buy the Triplex that I currently live in for rent.
I can only be pre-approved for about 160k, the triplex is probably worth more like 800k, the current landlord bought the property in 2006 for 545k. I could afford a downpayment for an FHA at 3.5% but I don't think I can be approved based on my income limitations- not sure what the other units are renting for and how that might supplement the loan qualification part.
After listening to a bigger pockets podcast on how one investor was able to utilize seller financing for multiple properties, I was wondering if anyone had any advice on how to approach my landlord on possibly selling and if I couldn't get an FHA loan how to approach him about possible seller financing and if so how to negotiate with possibly no money down? Trying to house hack for my first investment opportunity as I am currently renting!!
What steps should I be taking for best negotiation/offers?